0001628280-23-041119 | 10-K | XBRL Viewer

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Defined Benefit Pension Plans - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		$ 2,782
Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 210,031	211,058	$ 400,907
Pension Plan \| NAV \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	2,252	2,235
Pension Plan \| NAV \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	24,441	32,515
Pension Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	1,937	1,562
Pension Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	30,885	67,661
Pension Plan \| Level 1 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	7,565	5,743
Pension Plan \| Level 1 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	6,263	4,996
Pension Plan \| Level 1 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	78,740	25,742
Pension Plan \| Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	5,644	4,519
Pension Plan \| Level 2 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	52,304	65,364
Pension Plan \| Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 0	$ 0

Investments in Associated Companies (Tables)

12 Months Ended

Sep. 24, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Summarized financial information of TNI is as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

ASSETS
Current assets	1,901	2,801
Investments and other assets	1,240	1,584
Total assets	3,141	4,385

LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	3,837	5,005
Members' equity	(696)	(620)
Total liabilities and members' equity (deficit)	3,141	4,385

Summarized results of TNI are as follows:


(Thousands of Dollars)	2023	2022	2021

Operating revenue	31,076	34,153	34,782
Operating expenses	24,446	25,445	25,320
Operating income	6,630	8,708	9,462
Net income	7,142	8,708	9,462

Company's 50% share	3,571	4,354	4,731
Less amortization of intangible assets	—	—	—
Equity in earnings of TNI	3,571	4,354	4,731

Summarized financial information of MNI is as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

ASSETS
Current assets	8,916	5,837
Investments and other assets	29,267	29,903
Total assets	38,183	35,740

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	6,352	5,922
Other liabilities	6,303	5,696
Stockholders' equity	25,528	24,122
Total liabilities and members' equity	38,183	35,740

Summarized results of MNI are as follows:


(Thousands of Dollars)	2023	2022	2021

Operating revenue	44,109	47,621	46,015
Operating expenses, excluding restructuring costs, depreciation and amortization	30,654	37,922	35,583
Restructuring costs	143	169	107
Depreciation and amortization	539	672	711
Operating income	12,773	8,858	9,614
Net income	5,911	2,605	3,362
Equity in earnings of MNI	2,956	1,303	1,681

Goodwill and Other Intangible Assets

12 Months Ended

Sep. 24, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2023	2022

Goodwill, gross amount	1,618,233	1,618,933
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	329,504	330,204
Disposal	—	(700)
Goodwill, end of year	329,504	329,504

Identified intangible assets related to continuing operations consist of the following:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-amortized intangible assets:
Mastheads	18,675	26,346
Amortizable intangible assets:
Customer and newspaper subscriber lists	306,766	323,568
Less accumulated amortization	(230,453)	(228,541)
	76,313	95,027
Identified intangible assets	94,988	121,373

As discussed in Note 1, the Company reviews goodwill and non-amortized intangible assets for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with ASC Topic 350.

All of the Company’s goodwill is attributed to the single reporting unit. When evaluating these assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired, known as Step 0. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we would calculate the estimated fair value of the reporting unit using discounted cash flows or a combination of discounted cash flow and market approaches. The Company performed its annual assessment on the first day of our fourth fiscal quarter, and determined the fair value of our single reporting unit was in excess of carrying value and as such, there was no impairment in 2023, 2022, and 2021.. In 2022, the Company disposed of a non-core operation with $0.7 million of attributable goodwill.

For mastheads, the calculated fair value includes Level 3 inputs that were determined using the relief from royalty method. The key assumptions used in the fair value estimates under the relief from royalty method are revenue and market growth, royalty rates for newspaper mastheads (the royalty rates utilized range from 0.0% to 1.0%), estimated tax rates, and appropriate risk-adjusted weighted-average cost of capital (for 2023, 2022 and 2021, the weighted-average cost of capital used was 13.00%, 11.00% and 10.50%, respectively). These assumptions reflect Lee's best estimates, but these items involve inherent uncertainties based on market conditions generally outside of the Company's control. A 50-basis point decrease in royalty rates would result in an additional $9.3 million of impairment. Increasing the discount rate by 100 basis points would result in an additional $1.2 million of impairment. In 2023, 2022, and 2021, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. Such charges are recorded in assets loss (gain) on sales, impairments and other in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). We recorded deferred income tax benefits related to these charges. Changes in market conditions and declines in revenue lead to the impairment charges noted above.

A summary of the pretax impairment charges is included in the table below:


(Thousands of Dollars)	2023	2022	2021

Non-amortized intangible assets	7,671	14,203	787
Property, equipment and other assets	—	—	190
	7,671	14,203	977

Amortization expense for 2023, 2022, and 2021 was $19.0 million, $22.2 million, and $24.9 million, respectively.

Annual amortization of intangible assets for the years ending September 2024 to September 2028 is estimated to be $18.4 million, $12.8 million, $7.3 million, $7.1 million, and $5.5 million, respectively. The weighted average amortization period for amortizable assets is 11.5 years.

Defined Benefit Pension Plans - Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 25, 2022	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year		$ 210,806	$ 386,832
Service cost		19	488	$ 2,529
Interest cost		10,368	7,999	7,147
Plan amendments		0	6,077
Actuarial (gain) loss		(9,876)	(86,387)
Benefits paid		(12,130)	(21,799)
Liability (gain)/loss due to curtailment		0	(1,027)
Settlements	$ (81,400)	0	(81,377)
Benefit obligation, end of year	210,806	199,187	210,806	386,832
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:		211,058	400,907
Actual return on plan assets		12,638	(84,636)
Benefits paid		(12,130)	(21,799)
Administrative expenses paid		(1,535)	(2,149)
Settlements		0	(81,377)
Employer contributions		0	112
Fair value of plan assets, end of year	211,058	210,031	211,058	$ 400,907
Funded status	$ 252	$ 10,844	$ 252

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 24, 2023	Nov. 30, 2023	Mar. 31, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 24, 2023
Current Fiscal Year End Date	--09-24
Document Transition Report	false
Entity File Number	1-6227
Entity Registrant Name	LEE ENTERPRISES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0823980
Entity Address, Address Line One	4600 E 53rd Street
Entity Address, City or Town	Davenport
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52807
City Area Code	563
Local Phone Number	383-2100
Title of 12(b) Security	Common Stock - $0.01 par value
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 66,983,328
Entity Common Stock, Shares Outstanding		6,062,744
Entity Central Index Key	0000058361
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021	Mar. 31, 2014
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment of warrants	$ 0.0	$ 0.1	$ 0.3
Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term note	$ 455.7
TCT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percent ownership of voting common stock of TCT	0.70%
Total percent of voting common stock	8.70%
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure, total	$ 3.9
Level 3 \| TCT and Private Equity Investment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percent ownership of non-voting common stock	16.70%
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure, total	$ 1.7
Warrants	0.0	$ 0.1	$ 0.3	$ 16.9
Level 2 \| Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ 392.2

Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 11.6	$ 14.4	$ 18.0
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	40 years
Printing presses and insertion equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	5 years
Printing presses and insertion equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	25 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	10 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	3 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	15 years

Defined Benefit Pension Plans - Net Periodic Cost (Benefit) (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the year	$ 19	$ 488	$ 2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	0	(4,245)	0
Curtailment gain	0	(1,027)	0
Net periodic pension cost (benefit)	$ 1,057	$ (17,722)	$ (5,000)

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Current:
Federal	$ 4,528	$ 4,932	$ (2,431)
State	(336)	142	3,642
Deferred	(4,541)	(4,376)	6,044
Total income tax expense	$ (349)	$ 698	$ 7,255

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Defined Benefit Pension Plans - The Activity Within Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $240, $279, and $19,148, respectively	$ (560)	$ (14,485)	$ 59,663
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $3,414, $6,389, and $819, respectively	10,750	(11,049)	2,574
Other comprehensive (loss) income recognized in operations, net of taxes	10,190	(25,534)	62,237
Change in unrecognized benefit plan gain (loss) arising during the period, tax	240	279	19,148
Amortization of items to periodic pension and other post-employment benefit costs during the period, tax	$ 3,414	$ 6,389	$ 819

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Significant Accounting Policies - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Inventory [Line Items]
Specific identification	$ 4,519	$ 5,206
Inventories	7,504	8,265
Newsprint
Inventory [Line Items]
FIFO method	200	393
LIFO method	612	447
Other Inventory
Inventory [Line Items]
FIFO method	$ 2,173	$ 2,219

Postretirement and Postemployment Benefits - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - Postemployment Retirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost for benefits earned during the year	$ 68	$ 108	$ 207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net (gain) loss	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	0	0	(23,830)
Net periodic pension cost (benefit)	$ (2,177)	$ (2,246)	$ (25,533)

Leases

12 Months Ended

Sep. 24, 2023

Leases [Abstract]

Leases

LEASES

We lease certain real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 to 40 years, some of which may include options to extend the leases, and some of which may include options to terminate the leases. The exercise of lease renewal options and terminations are at our sole discretion. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise.

In connection with the Transactions, the Company entered into a lease agreement between BH Media, as Landlord, and the Company, as Tenant, providing for the leasing of 68 properties and related fixtures (including production equipment) used in the BH Media Newspaper Business ("BH Lease"). The BH Lease commenced on March 16, 2020. The BH Lease requires the Company to pay annual rent of $8.0 million, payable in equal payments, as well as all operating costs relating to the properties (including maintenance, repairs, property taxes and insurance). Rent payments are subject to a Rent Credit (as defined in the Lease) equal to 8.00% of the net consideration for any leased real estate sold by BH Media during the term of the Lease. As of September 24, 2023, the Company has earned monthly rent credits of $0.2 million, making current annual rent of $5.2 million. In connection with the BH Lease, the Company recognized $56.2 million and $56.2 million in right-of-use ("ROU") assets and offsetting lease liabilities as of March 16, 2020.

During the period ended September 25, 2022, the Company permanently vacated office and distribution space related to 14 leases. The space was vacated as some of our locations have transitioned to long-term remote working arrangements and space consolidation. The abandonment of lease space is an indicator of impairment and the Company assessed the lease ROU asset and leasehold improvements for impairment. Estimates of fair value include Level 3 inputs which are subjective in nature and involve uncertainties and matters of significant judgement and are made at a specific point in time. During the period ended September 25, 2022, the Company recorded non-cash impairment losses of $7.8 million for right-of-use assets, which is recorded on the Consolidated Statements of Income (loss) and Comprehensive Income (loss) under the line item assets loss (gain) on sales, impairments and other.

Total lease expense consists of the following:


(Thousands of Dollars)	2023	2022	2021
Operating lease costs	12,688	13,786	14,846
Variable lease costs	1,175	1,201	92
Short-term lease costs	355	217	—
Total Operating Lease Expense	14,218	15,204	14,938

Supplemental cash flow information related to our operating leases is as follows:


(Thousands of Dollars)	2023	2022	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	13,403	14,325	14,789
Right-of-use assets obtained in exchange for operating lease liabilities	3,855	990	932

As of September 24, 2023, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2024			12,179
2025			10,960
2026			9,369
2027			7,701
2028			6,324
Thereafter			10,609
Total lease payments			57,142
Less: interest			(12,806)
Present value of lease liabilities			44,336

Our lease contracts are discounted using the incremental borrowing rate for the Company. We determined the incremental borrowing rate based on a senior secured collateral adjusted yield curve for the Company. This yield curve reflects the estimated rate that would have been paid by the Company to borrow on a collateralized basis over a similar term in a similar economic environment. The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.


	September 24, 2023
Weighted average remaining lease term (years)	5 years, 7 months, 4 days
Weighted Average discount rate	7.88	%

Postretirement and Postemployment Benefits - Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rates (percentage)	3.90%	10.60%
Rate to which the cost trend rate is assumed to decline (the "Ultimate Trend Rate") (percentage)	4.50%	4.50%
Year in which the rate reaches the Ultimate Trend Rate	2033	2032

Other Retirement Plans

12 Months Ended

Sep. 24, 2023

Retirement Benefits [Abstract]

Other Retirement Plans

OTHER RETIREMENT PLANS

Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits.

The defined contribution retirement plan costs were $3.5 million in 2023, $3.6 million in 2022 and $3.4 million in 2021.

Multiemployer Pension Plans

We contributed to various multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our Company-sponsored plans in the following aspects:

•We do not manage the plan investments or any other aspect of plan administration;

•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

•If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as a "withdrawal liability".

Information related to these plans is outlined in the table below:

(Thousands of Dollars)

Zone Status
September 30

Funding Improvement
Plan/Rehabilitation Plan
Status

Contributions

Pension Plan

2023

2022

Status

2023

2022

2021

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Implemented

—

91-6024903

N/A (1)

District No. 9, International Association of Machinists and Aerospace Workers Pension Trust

Green

Endangered

N/A

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Implemented

—

13-6212879

N/A (1)

IAM National Pension Fund

Green

N/A

51-6031295

N/A (1)

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers

Green

N/A

36-6052390

12/31/2023

(1)The Company has withdrawn from the multiemployer plan

The Company has effectuated withdrawals from all but one multiemployer plan. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 24, 2023 and September 25, 2022, we had $25.1 million and $25.0 million of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable over 20 years.

Several multiemployer plans have CBAs that expire in the next twelve months. It is reasonably possible that if the Company is unable to renegotiate these agreements employees could go on strike which could disrupt the normal operations of the Company. Of our employees in CBAs, approximately 55% have CBAs that expire in the next 12 months.

Investments in Associated Companies

12 Months Ended

Sep. 24, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Associated Companies

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”) and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and subscription activities of the Arizona Daily Star, as well as the related digital platforms and specialty publications. TNI collects all receipts and records income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI is allocated equally to Star Publishing and Citizen.

Summarized financial information of TNI is as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

ASSETS
Current assets	1,901	2,801
Investments and other assets	1,240	1,584
Total assets	3,141	4,385

LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	3,837	5,005
Members' equity	(696)	(620)
Total liabilities and members' equity (deficit)	3,141	4,385

Summarized results of TNI are as follows:


(Thousands of Dollars)	2023	2022	2021

Operating revenue	31,076	34,153	34,782
Operating expenses	24,446	25,445	25,320
Operating income	6,630	8,708	9,462
Net income	7,142	8,708	9,462

Company's 50% share	3,571	4,354	4,731
Less amortization of intangible assets	—	—	—
Equity in earnings of TNI	3,571	4,354	4,731

TNI makes periodic distributions of its earnings. We received $3.6 million, $3.8 million, and $5.2 million in distributions in 2023, 2022 and 2021, respectively.

At September 24, 2023 and September 25, 2022, the carrying value of the Company's 50% investment in TNI is $15.1 million and $15.3 million, respectively. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12.4 million and other identified intangible assets of $2.3 million, certain of which have been amortized over their estimated useful lives through 2020. See Note 4.

TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of Income and Comprehensive Income and totaled $4.4 million, $5.2 million, and $4.5 million in 2023, 2022 and 2021, respectively.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized financial information of MNI is as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

ASSETS
Current assets	8,916	5,837
Investments and other assets	29,267	29,903
Total assets	38,183	35,740

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	6,352	5,922
Other liabilities	6,303	5,696
Stockholders' equity	25,528	24,122
Total liabilities and members' equity	38,183	35,740

Summarized results of MNI are as follows:


(Thousands of Dollars)	2023	2022	2021

Operating revenue	44,109	47,621	46,015
Operating expenses, excluding restructuring costs, depreciation and amortization	30,654	37,922	35,583
Restructuring costs	143	169	107
Depreciation and amortization	539	672	711
Operating income	12,773	8,858	9,614
Net income	5,911	2,605	3,362
Equity in earnings of MNI	2,956	1,303	1,681

MNI makes periodic distributions of its earnings. We received $2.2 million, $1.3 million, and $2.3 million in distributions in 2023, 2022 and 2021, respectively.

We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of Income and Comprehensive Income and totaled $5.4 million, $5.6 million, and $5.6 million in 2023, 2022 and 2021, respectively.

At September 24, 2023 and September 25, 2022, the carrying value of the Company's 50% investment in MNI is $12.8 million and $12.0 million, respectively.

Other Information

12 Months Ended

Sep. 24, 2023

Other Information [Abstract]

Other Information

OTHER INFORMATION

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 24 2023	September 25 2022

Compensation	9,114	20,815
Retirement plans	327	549
Other	20,007	23,376
	29,448	44,740

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2023	2022	2021

Interest	41,471	41,770	45,214
Income tax payments, net	3,722	5,311	7,604

Accumulated other comprehensive income (loss), net of deferred income taxes at September 24, 2023, and September 25, 2022, is related to pension and postretirement benefits.

Income Taxes - Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Deferred income tax liabilities:
Property and equipment	$ (8,461)	$ (11,712)
Identified intangible assets	(18,705)	(21,649)
ASC 842 - Leases DTL	(9,890)	(11,308)
Other	(615)	0
Investments	(31,296)	(26,489)
Total deferred income tax liabilities	(68,967)	(71,158)
Deferred income tax assets:
Allowance for credit losses	1,655	802
Pension and postretirement benefits	1,102	3,445
Long-term debt	159	161
Interest deduction limitation	9,828	4,809
Operating loss carryforwards	25,749	26,224
ASC 842 - Leases DTA	11,037	13,112
Accrued compensation	2,341	1,914
Accrued expenses	1,510	1,663
Other	0	2,964
Total deferred income tax assets	53,381	55,094
Valuation allowance	(25,765)	(26,655)
Net deferred income tax liabilities	$ (41,351)	$ (42,719)

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Leases [Abstract]
Operating lease costs	$ 12,688	$ 13,786	$ 14,846
Variable lease costs	1,175	1,201	92
Short-term lease costs	355	217	0
Total Operating Lease Expense	$ 14,218	$ 15,204	$ 14,938
Weighted average remaining lease term (years)	5 years 7 months 4 days
Weighted Average discount rate	7.88%

Other Information (Tables)

12 Months Ended

Sep. 24, 2023

Other Information [Abstract]

Schedule of Accrued Liabilities

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 24 2023	September 25 2022

Compensation	9,114	20,815
Retirement plans	327	549
Other	20,007	23,376
	29,448	44,740

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2023	2022	2021

Interest	41,471	41,770	45,214
Income tax payments, net	3,722	5,311	7,604

Defined Benefit Pension Plans - Allocation of Benefit Plan Assets (Details) - Pension Plan	Sep. 24, 2023	Sep. 25, 2022
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	25.00%
Actual Allocation, percentage	25.00%	41.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	65.00%
Actual Allocation, percentage	62.00%	43.00%
Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	10.00%
Actual Allocation, percentage	12.00%	15.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	1.00%
Actual Allocation, percentage	1.00%	1.00%

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Accounts receivable, allowance for credit loss	$ 5,260	$ 5,237
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	500	500
Preferred stock, shares issued	0	0
Common Class A
Common stock, shares authorized	12,000	12,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	6,064	5,979
Common stock, shares outstanding	6,064	5,979
Common Class B
Common stock, shares authorized	3,000	3,000
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares issued	0	0

Other Information - Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Other Information [Abstract]
Compensation	$ 9,114	$ 20,815
Retirement plans	327	549
Other	20,007	23,376
Compensation and other accrued liabilities	$ 29,448	$ 44,740

Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Sep. 24, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Components of Net Periodic Cost (Benefit)

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	19	488	2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	—	(4,245)	—
Curtailment gain	—	(1,027)	—
Net periodic pension cost (benefit)	1,057	(17,722)	(5,000)

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	68	108	207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net actuarial gain	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	—	(23,830)
Net periodic postretirement benefit	(2,177)	(2,246)	(25,533)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	210,806	386,832
Service cost	19	488
Interest cost	10,368	7,999
Plan amendments	—	6,077
Actuarial (gain) loss	(9,876)	(86,387)
Benefits paid	(12,130)	(21,799)
Liability (gain)/loss due to curtailment	—	(1,027)
Settlements	—	(81,377)
Benefit obligation, end of year	199,187	210,806
Fair value of plan assets, beginning of year:	211,058	400,907
Actual return on plan assets	12,638	(84,636)
Benefits paid	(12,130)	(21,799)
Administrative expenses paid	(1,535)	(2,149)
Settlements	—	(81,377)
Employer contributions	—	112
Fair value of plan assets, end of year	210,031	211,058
Funded status	10,844	252

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	12,287	18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	—	(12)
Benefit obligation, end of year	11,252	12,287
Fair value of plan assets, beginning of year	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets at measurement date	25,809	23,903
Funded status	14,557	11,616

Schedule of Amounts Recognized in Balance Sheet

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Net pension assets	10,844	252
Accumulated other comprehensive income (before income taxes)	16,653	5,005

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	19,043	17,327

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain (loss)	21,246	10,450
Unrecognized prior service cost	(4,593)	(5,445)
	16,653	5,005

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain	16,660	14,298
Unrecognized prior service benefit	2,383	3,029
	19,043	17,327

Defined Benefit Plan, Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.7	5.3
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021
Discount rate - service cost	5.8	5.4	3.0
Discount rate - interest cost	5.7	5.3	1.9
Expected long-term return on plan assets	5.0	5.0	5.9

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.6	5.3
Expected long-term return on plan assets	5.0	5.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021

Discount rate - service cost	5.9	5.5	2.5
Discount rate - interest cost	5.5	5.1	1.9
Expected long-term return on plan assets	5.0	5.0	4.0

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:


(Percent)	September 24 2023	September 25 2022

Health care cost trend rates	3.9	10.6
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)	4.5	4.5
Year in which the rate reaches the Ultimate Trend Rate	2033	2032

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of our pension assets, is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022
Equity securities	25	25	41
Debt securities	65	62	43

Hedge fund investments	10	12	15
Cash and cash equivalents	1	1	1

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022

Equity securities	20	20	17
Debt securities	70	68	71
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of pension assets at September 25, 2022 was as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

Schedule of Expected Benefit Payments

We anticipate future benefit payments to be paid from the pension trust as follows:


(Thousands of Dollars)

2024			16,262
2025			14,575
2026			14,816
2027			14,944
2028			15,021
2029-2033			74,092

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


(Thousands of Dollars)	Gross Payments	Less Medicare Part D Subsidy	Net Payments

2024	906	—	906
2025	906	—	906
2026	916	—	916
2027	933	—	933
2028	912	—	912
2029-2033	4,395	—	4,395

Significant Accounting Policies - Narrative (Details) shares in Thousands, $ in Millions		12 Months Ended
	Mar. 16, 2020 USD ($)	Sep. 24, 2023 USD ($) localMediaOperations state strategicBusinessUnit	Sep. 25, 2022 USD ($) shares
Noncontrolling Interest [Line Items]
Number of local media operations \| localMediaOperations		75
Number of states in which the entity operates \| state		26
Inventory, LIFO reserve		$ 1.1	$ 1.4
Number of strategic business units \| strategicBusinessUnit		50
Warrants outstanding (in shares) \| shares			600
Cash collateral for insurance		$ 7.0	$ 4.6
Minimum
Noncontrolling Interest [Line Items]
Vesting or restriction period (in years)		1 year
Maximum
Noncontrolling Interest [Line Items]
Vesting or restriction period (in years)		4 years
BHMG
Noncontrolling Interest [Line Items]
Combined purchase price	$ 140.0
TNI Partners
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent		50.00%
MNI
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent		50.00%
BLOX Digital
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent		82.50%

Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Earnings Per Share [Abstract]
(Loss) income attributable to Lee Enterprises, Incorporated:	$ (5,267)	$ (2,017)	$ 22,745
Weighted average Common Stock (in shares)	6,037	5,946	5,873
Less non-vested restricted Common Stock (in shares)	(170)	(167)	(156)
Basic average Common Stock (in shares)	5,867	5,779	5,717
Dilutive stock options and restricted Common Stock (in shares)	0	0	109
Diluted average Common Stock (in shares)	5,867	5,779	5,826
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.90)	$ (0.35)	$ 3.98
Diluted (in dollars per share)	$ (0.90)	$ (0.35)	$ 3.90

Other Retirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Multiemployer Plan [Line Items]
Defined contribution retirement plan costs	$ 3.5	$ 3.6	$ 3.4
Percentage of CBA's expiring in the next twelve months	55.00%
Minimum
Multiemployer Plan [Line Items]
Multiemployer plans, withdrawal obligation, period (year)	20 years
Warrants and Other Liabilities
Multiemployer Plan [Line Items]
Withdrawal liabilities	$ 25.1	$ 25.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147480547/715-80-55-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
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-Paragraph 5
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

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-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480576/715-80-50-5

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-6

+ Details

Investments in Associated Companies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 27,819	$ 27,378
Goodwill	329,504	329,504	$ 330,204
Editorial service costs	323,067	344,905	325,597
TNI Partners
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 3,600	3,800	5,200
Equity method investments, ownership percentage	50.00%
Equity method investments	$ 15,100	15,300
Goodwill	12,400
Other intangible assets	2,300
TNI Partners \| Editorial Services
Schedule of Equity Method Investments [Line Items]
Editorial service costs	4,400	5,200	4,500
MNI
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 2,200	1,300	2,300
Equity method investments, ownership percentage	50.00%
Equity method investments	$ 12,800	12,000
Editorial service fees	$ 5,400	$ 5,600	$ 5,600

Postretirement and Postemployment Benefits - Assumptions (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	5.60%	5.30%
Expected long-term return on plan assets	5.00%	5.00%
Discount rate - service cost	5.90%	5.50%	2.50%
Discount rate - interest cost	5.50%	5.10%	1.90%
Expected long-term return on plan assets	5.00%	5.00%	4.00%

Significant Accounting Policies

12 Months Ended

Sep. 24, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

References to "we", "our", "us" and the like throughout the Consolidated Financial Statements refer to Lee Enterprises, Incorporated and subsidiaries (the "Company"). Lee Enterprises, Incorporated is a leading provider of high quality, trusted, local news and information, and a major platform for advertising in the markets we serve. We operate 75 principally mid-sized local media operations (including TNI Partners ("TNI") and Madison Newspapers, Inc. ("MNI")) across 26 states.

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in BLOX Digital. TNI and MNI are accounted for under the equity method. Results of BLOX Digital are consolidated.

On March 16, 2020, the Company completed the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. for a combined purchase price of $140.0 million (collectively, the "Transactions"). The Transactions were funded pursuant to a Credit Agreement dated as of January 29, 2020, between the Company and BH Finance LLC, a Nebraska limited liability company affiliated with Berkshire (the "Credit Agreement"), as described further in Note 5. In 2021, we allocated revenue from our full access subscriptions between print and digital subscription revenues.

In 2022, due to the increased prominence of digital-only revenues, we revised this presentation to classify full access subscriptions as print subscription revenue, and discretely present digital-only subscription revenues. 2021 amounts were reclassified in Note 2 to conform to the current year presentation. In 2023, certain prior period amounts have been adjusted to form with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings per share.

Fiscal Year

All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. References to "2023", "2022", "2021" and the like refer to the fiscal years ended the last Sunday in September. Fiscal years 2023, 2022, and 2021 include 52 weeks of operations.

Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates, which include estimates used in the valuation of goodwill and intangible assets periodically. We evaluate our estimates used in connection with our business combinations, the discount rate assumptions applied to our pension and postretirement plan obligations, the expected long-term rate of return on plan assets, and the provision for income taxes on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Principles of Consolidation

All significant intercompany transactions and balances have been eliminated.

Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets.

Cash and Cash Equivalents

We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents.

Accounts Receivable

We evaluate our allowance for credit losses based on historical credit experience, payment trends and other economic factors. Accounts considered to be uncollectible are written off.

Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 24, 2023 and September 25, 2022 are less than replacement cost by $1.1 million and $1.4 million, respectively.

The components of inventory by cost method are as follows:


(Thousands of Dollars)	September 24, 2023	September 25, 2022

Newsprint - FIFO method	200	393
Newsprint - LIFO method	612	447
Other inventory - FIFO method	2,173	2,219
Specific identification	4,519	5,206
	7,504	8,265

Investments

Investments in unconsolidated affiliates over which Lee exercises significant influence, but does not control, are accounted for by the equity method. Under this method, an investment account for each unconsolidated affiliate is increased by contributions made and by Lee's share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate.

The Company has elected to account for distributions under the cumulative earnings approach.

Property and Equipment

Property and equipment are carried at cost. Equipment and all other assets are depreciated using the straight line method. The estimated useful lives are as follows:


			Years

Buildings and improvements			5 - 40
Printing presses and insertion equipment			5 - 25
Leasehold improvements			3 - 10
Other			3 - 15

Depreciation expense for 2023, 2022 and 2021 was $11.6 million, $14.4 million, and $18.0 million, respectively.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets are summarized in Note 4. Intangible assets include customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method except for intangible assets acquired in the Transactions which are being amortized in an accelerated manner consistent with the expected economic benefit.


			Years

Customer lists			10 - 20
Newspaper subscriber lists			10 - 20

We review goodwill and non-amortizing intangible assets, which include only newspaper mastheads, for impairment annually as of the first day of the fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 350, Intangibles - Goodwill and Other. Under ASC Topic 350, the impairment test for goodwill and non-amortizing intangible assets must be based on estimated fair values. Impairment would occur when the carrying amount of the reporting unit is greater than its fair value. Companies with reporting units with zero or negative carrying value are required to disclose the amount of goodwill for those reporting units.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets, current portion of long-term lease liabilities and operating lease liabilities on the Consolidated Balance Sheets. Finance leases would be included in property, plant and equipment, current portion of long-term debt and long-term debt on the Consolidated Balance Sheets. Amortization of operating lease ROU assets is included in other operating expenses. Amortization of finance leases would be included in depreciation expense.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The ROU asset is adjusted to include lease payments made to date and initial direct costs incurred and to deduct for lease incentives received and impairment recognized. As most of the Company's leases do not provide an implicit rate, We determined the incremental borrowing rate based on a senior secured collateral adjusted yield curve for the Company. This yield curve reflects the estimated rate that would have been paid by the Company to borrow on a collateralized basis over a similar term in a similar economic environment. The lease terms may include options to extend or terminate the lease when it is reasonable certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain lease agreements have lease and non-lease components, which are accounted for together. See Note 6 for additional information related to leases.

Business Combinations

The Company accounts for acquisitions in accordance with the provisions of ASC Topic 805 - Business Combinations, which provides guidance for recognition and measurement of identifiable assets and goodwill acquired, liabilities assumed, and any non-controlling interest in the acquiree at fair value. In a business combination, the assets acquired, liabilities assumed and non-controlling interest in the acquiree are recorded as of the date of acquisition at their respective fair values with limited exceptions. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. The operating results of the acquired business are reflected in the Company's Consolidated Financial Statements from the date of acquisition.

Revenue Recognition

Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. See Note 2.

Restructuring Costs and Other

Restructuring costs and other primarily relate to severance expenses associated with involuntary terminations, as well as litigation, advisor, and other expenses associated with the unsolicited bid offer in November 2021. These costs are expensed as incurred.

Pension, Postretirement and Postemployment Benefit Plans

We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors.

We apply a practical expedient under ASC Topic 715, Compensation – Retirement Benefits, which allows us to measure plan assets and benefit obligations using the month-end that is closest to our fiscal year-end. Accordingly, we measure our plan assets and benefit obligations as of September 30, or upon a remeasurement event. We use the alternative spot rate approach which utilizes a full yield curve to estimate the interest cost component of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

Multiemployer Pension Plans

The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of the Company's union represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer withdraws from or otherwise ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Alternatively, if the Company chooses to stop participating in one of its multiemployer plans, it may incur a withdrawal liability based on its actuarially determined share of the unfunded status of the plan.

Contributions made to multiemployer plans are based on collective-bargaining agreements and are accounted for under guidance related to multiemployer plans, which essentially provides that contributions to such plans are expensed when due. Any withdrawal liability would be recognized at the point withdrawal from the plan becomes probable. See Note 8 for additional information.

Income Taxes

Deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences which are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Fair Value Measurements

We utilize ASC Topic 820 - Fair Value Measurements and Disclosures, to measure and report fair value. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 establishes a three-level hierarchy of fair value measurements based

on whether the inputs to those measurements are observable or unobservable, which consists of the following levels:

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Investments measured at net asset value, as a practical expedient for fair value, are excluded from the fair value hierarchy.

Valuation methodologies measured at fair value are as follows:

Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1.

Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted inactive market prices. Such investments are classified as Level 2.

Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Certain equity securities are part of a collective investment fund for which there is no readily determinable fair value. This fund is valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are excluded from the fair value hierarchy.

Debt securities consist of government securities, corporate bonds, and mutual funds. Government securities and corporate bonds are valued based upon quoted market prices in an inactive market. Such investments are classified as Level 2. Mutual funds are valued based upon quoted market prices in an active market. Such investments are classified as Level 1.

Hedge funds consist of a long/short equity funds and a diversified fund of funds for which there is no readily determinable fair value. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are excluded from the fair value hierarchy.

Segments

Our business consists of approximately 50 strategic business units ("SBU's"). The SBUs generally include print and digital subscription products and the associated advertising and marketing services. Each of our SBUs have comparable types of costs (compensation, newsprint/ink, and other costs) to generate similar sources of advertising and marketing services revenue and subscription revenue, they produce products in similar manner; they have same class of customers and they use the same distribution processes. In other words, each SBU engages in the same business activities.

Separate operating results of each SBU are not reviewed by the chief operating decision maker ("CODM"). The CODM reviews Consolidated Statements of Income and Consolidated Balance Sheets on a monthly basis, and reviews the Consolidated Statements of Cash Flows ("SOCF") on a quarterly basis. The balance sheets and SOCF are only prepared on a consolidated level. Selective revenue and expense details by SBU are reviewed by the CODM, however, the focus of those reviews is on details of advertising and marketing services revenue by SBU and subscription revenue by SBU. Complete operating results or other profitability measures by SBU are not reviewed by the CODM. Further, business decisions by the CODM, including the allocation of resources, are determined based on reviewing consolidated information.

Stock Compensation and Warrants

We have several stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of ASC Topic 718 - Compensation-Stock Compensation. We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs to this formula include expected term, expected volatility and the risk-free interest rate.

The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures.

We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the requisite service period or restriction period, which is generally one to four years.

Prior to 2023, we also had 600,000 warrants outstanding to purchase shares of our Common Stock. Warrants were recorded at fair value determined using the Black-Scholes option pricing formula. These warrants expired in 2022. See Notes 5, 10 and 13.

Uninsured Risks

We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not-reported claims. Other risks are insured and carry deductible losses of varying amounts. We have posted cash collateral totaling $7.0 million and $4.6 million at September 24, 2023 and September 25,2022, respectively in support of our insurance programs recorded under Other on the Consolidated Balance Sheets.

Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry.

New Accounting Pronouncements not yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 - Segment Reporting to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This pronouncement is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact this will have on our Consolidated Financial Statements.

Recently Issued Accounting Standards - Standards Adopted in 2023 and 2022

None

Recently Issued Accounting Standards - Standards Adopted in 2021

In June 2016, the FASB issued a new standard ASC Topic 326 Financial Instruments - Credit Losses to replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a wider array of reasonable and supportable information to inform and develop credit loss estimates. We are required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard was adopted on September 28, 2020, using a modified retrospective approach. This standard did not have a material impact on our Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurements that changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve effectiveness of disclosures in the notes to the financial statements by focusing on

requirements that clearly communicate the most important information to users of the financial statements. The new guidance was adopted on September 28, 2020, and did not have a material impact on our Consolidated Financial Statements.

In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC Topic 740 Income Taxes related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This new guidance was adopted September 28, 2020, and did not have a material impact on our Consolidated Financial Statements.

In August 2018, FASB issued ASU 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans to amend disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new standard was adopted on September 28, 2020 using a retrospective approach, and did not have a material impact on our Consolidated Financial Statements.

Leases - Narrative (Details) $ in Thousands		12 Months Ended
Leases - Narrative (Details) $ in Thousands	Mar. 16, 2020 USD ($) property	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Annual rent		$ 12,688	$ 13,786	$ 14,846
Operating lease right-of-use assets		40,822	$ 47,490
Present value of lease liabilities		44,336
Number of leases terminated during period			14
Impairment loss for right-of-use assets			$ 7,800
Lease Agreement With BH Media
Lessee, Lease, Description [Line Items]
Number of leased properties \| property	68
Annual rent	$ 8,000
Percentage of net consideration	8.00%
Monthly rent credits		200
Annual rent		$ 5,200
Operating lease right-of-use assets	$ 56,200
Present value of lease liabilities	$ 56,200
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term (year)		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term (year)		40 years

Stock Ownership Plans

12 Months Ended

Sep. 24, 2023

Share-Based Payment Arrangement [Abstract]

Stock Ownership Plans

STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1.8 million, $1.3 million and $0.9 million, in 2023, 2022 and 2021, respectively.

At September 24, 2023, we have reserved 196,359 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders, of which 196,359 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock.

Stock Options

Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten-year period.

A summary of stock option activity is as follows:


(Thousands of Shares)	2023	2022	2021

Outstanding, beginning of year	—	36	41
Exercised	—	(9)	(2)
Canceled	—	(27)	(3)
Outstanding, end of year	—	—	36
Exercisable, end of year	—	—	36

Weighted average prices of stock options are as follows:


(Dollars)	2023	2022	2021

Exercised	—	11.30	11.30
Cancelled	—	11.30	11.30
Outstanding, end of year	—	11.40	11.40

Restricted Common Stock

A summary of restricted Common Stock activity is as follows:


(Thousands of Shares)	2023	2022	2021

Outstanding, beginning of year	165	154	155
Granted	69	78	46
Vested	(62)	(66)	(45)
Forfeited	(10)	(1)	(2)
Outstanding, end of year	162	165	154

Weighted average grant date fair values of restricted Common Stock are as follows:


(Dollars)	2023	2022	2021

Outstanding, beginning of year	21.21	16.70	21.50
Granted	17.87	30.01	11.20
Vested	17.27	20.93	27.30
Forfeited	24.04	23.60	16.10
Outstanding, end of year	21.14	21.21	16.70

Total unrecognized compensation expense for unvested restricted Common Stock at September 24, 2023 is $1.7 million, which will be recognized over a weighted average period of 1.4 years.

Employee Stock Purchase Plans

We have 27,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 870 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2023, 2022, or 2021.

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Current assets:
Cash and cash equivalents	$ 14,548	$ 16,185
Accounts receivable, less allowance for credit losses: 2023 $5,260; 2022 $5,237	69,104	69,522
Inventories	7,504	8,265
Prepaids and other	15,373	15,151
Total current assets	106,529	109,123
Investments:
Associated companies	27,819	27,378
Other	5,572	5,971
Total investments	33,391	33,349
Property and equipment:
Land and improvements	12,366	14,505
Buildings and improvements	83,140	95,111
Equipment	213,714	215,731
Construction in process	2,453	1,449
Property and equipment, gross	311,673	326,796
Less accumulated depreciation	250,439	253,083
Property and equipment, net	61,234	73,713
Operating lease right-of-use assets	40,822	47,490
Goodwill	329,504	329,504
Other intangible assets, net	94,988	121,373
Other	12,741	9,896
Total assets	711,617	744,042
Current liabilities:
Current portion of lease liabilities	7,755	7,859
Accounts payable	36,290	28,608
Compensation and other accrued liabilities	29,448	44,740
Unearned revenue	40,843	49,929
Total current liabilities	114,336	131,136
Long-term debt, net of current maturities	455,741	462,554
Operating lease liabilities	36,580	46,003
Pension obligations	586	966
Postretirement and postemployment benefit obligations	8,618	9,221
Deferred income taxes	41,351	42,719
Income taxes payable	5,809	8,292
Withdrawal liabilities and other	24,890	25,914
Total liabilities	687,911	726,805
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	260,832	259,521
Accumulated deficit	(266,496)	(261,229)
Accumulated other comprehensive income	26,843	16,653
Total stockholders' equity	21,240	15,005
Non-controlling interests	2,466	2,232
Total equity	23,706	17,237
Total liabilities and equity	711,617	744,042
Pension Plan
Property and equipment:
Non-current assets	10,843	528
Medical Plan
Property and equipment:
Non-current assets	21,565	19,066
Common Class A
Stockholders' equity:
Common stock	61	60
Common Class B
Stockholders' equity:
Common stock	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Sep. 24, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:


(Thousands of Dollars)	2023	2022	2021

Current:
Federal	4,528	4,932	(2,431)
State	(336)	142	3,642
Deferred	(4,541)	(4,376)	6,044
	(349)	698	7,255

Schedule of Effective Income Tax Rate Reconciliation

Income tax (benefit) expense related to operations differs from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes. The reasons for these differences are as follows:


(Percent of (Loss) Income Before Income Taxes)	2023	2022	2021

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	(5.4)	(8.9)	5.6
Net income of associated companies	31.2	(77.2)	(1.8)
Resolution of tax matters	69.7	(32.2)	3.2
Remeasurement due to state rate changes	(84.0)	(11.2)	0.1
Non-deductible expenses	(28.5)	124.0	0.9
Provision to return adjustment	(0.5)	70.2	—
Valuation allowance	16.0	11.9	(6.0)
Wage credit, net addback	—	(7.5)	—
Warrant valuation	—	(1.9)	(0.4)
Interest and penalties	(9.0)	—	—
Other	0.8	—	—
	11.3	88.2	22.6

Schedule of Deferred Tax Assets and Liabilities

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 24 2023	September 25 2022

Deferred income tax liabilities:
Property and equipment	(8,461)	(11,712)
Identified intangible assets	(18,705)	(21,649)
ASC 842 - Leases DTL	(9,890)	(11,308)
Other	(615)	—
Investments	(31,296)	(26,489)
	(68,967)	(71,158)
Deferred income tax assets:
Allowance for credit losses	1,655	802
Pension and postretirement benefits	1,102	3,445
Long-term debt	159	161
Interest deduction limitation	9,828	4,809
Operating loss carryforwards	25,749	26,224
ASC 842 - Leases DTA	11,037	13,112
Accrued compensation	2,341	1,914
Accrued expenses	1,510	1,663
Other	—	2,964
	53,381	55,094
Valuation allowance	(25,765)	(26,655)
Net deferred income tax liabilities	(41,351)	(42,719)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of 2023 and 2022 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2023	2022

Balance, beginning of year	18,242	18,279
Changes in tax positions for prior years	(687)	(307)
Increases (decrease) in tax positions for the current year	(347)	1,887
Lapse in statute of limitations	(2,294)	(1,617)
Balance, end of year	14,914	18,242

Defined Benefit Pension Plans

12 Months Ended

Sep. 24, 2023

Retirement Benefits [Abstract]

Defined Benefit Pension Plans

DEFINED BENEFIT PENSION PLANS

During 2022, the Company made several changes to its defined benefit plans. At the beginning of 2022, the Company was the sponsor of seven single-employer defined benefit plans, two of which were frozen to new participants and future benefits. As of September 24, 2023, we are the sponsor of one single-employer defined benefit plan, which provide benefits to certain current and former employees of Lee.

During 2022 we notified certain participants in our defined benefit plans of changes to be made to the plans. The Company froze future benefits and participation for an additional four of the defined benefit plans. The freeze of future benefits resulted in a non-cash curtailment gain of $1.0 million related to the four plans. In connection with the freeze the Company provided certain benefit enhancements that resulted in an increase to our net pension liability and a decrease to accumulated other comprehensive income of $6.1 million. Additionally, the Company merged the six frozen plans into one fully-funded defined benefit plan, the Lee Enterprises Incorporated Pension Plan ("Plan") effective in the second quarter of fiscal 2022.

During September of 2022, as part of a pension de-risking strategy for the Plan, the Company, executed an agreement pursuant to which it transferred to a third-party insurance company (the "Insurer") $85.6 million of the Plan's liabilities in exchange for $81.4 million of Plan assets and recorded a non-cash settlement gain of $4.2 million in Pension and OPEB related benefit (cost) and other, net. Collectively, the transactions are known as the "Annuity Purchase"

During the year ended September 24, 2023, an immaterial defined benefit plan was merged into the Plan. The prior period net periodic pension cost (benefit) and changes in benefit obligations tables have been revised to include amounts from this plan that was previously excluded due to immateriality.

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	19	488	2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	—	(4,245)	—
Curtailment gain	—	(1,027)	—
Net periodic pension cost (benefit)	1,057	(17,722)	(5,000)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	210,806	386,832
Service cost	19	488
Interest cost	10,368	7,999
Plan amendments	—	6,077
Actuarial (gain) loss	(9,876)	(86,387)
Benefits paid	(12,130)	(21,799)
Liability (gain)/loss due to curtailment	—	(1,027)
Settlements	—	(81,377)
Benefit obligation, end of year	199,187	210,806
Fair value of plan assets, beginning of year:	211,058	400,907
Actual return on plan assets	12,638	(84,636)
Benefits paid	(12,130)	(21,799)
Administrative expenses paid	(1,535)	(2,149)
Settlements	—	(81,377)
Employer contributions	—	112
Fair value of plan assets, end of year	210,031	211,058
Funded status	10,844	252

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Net pension assets	10,844	252
Accumulated other comprehensive income (before income taxes)	16,653	5,005

Amounts recognized in accumulated other comprehensive income (loss) are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain (loss)	21,246	10,450
Unrecognized prior service cost	(4,593)	(5,445)
	16,653	5,005

We expect to recognize $0.8 million of unrecognized prior service cost in net periodic pension costs in 2024.

Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.7	5.3
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021
Discount rate - service cost	5.8	5.4	3.0
Discount rate - interest cost	5.7	5.3	1.9
Expected long-term return on plan assets	5.0	5.0	5.9

For 2023, the expected long-term return on Plan assets is 5.0%. The assumptions related to the expected long-term return on Plan assets are developed through an analysis of historical market returns, current market conditions and composition of Plan assets.

For the year ended September 24, 2023, the most significant driver of the decrease in benefit obligation was the actual return on assets exceeding expected returns and higher actuarial gains experienced by the Plan. The Plan recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rate. For the year ended September 25, 2022, the most significant driver of the decrease in benefit obligation was the higher actuarial gains experienced by all plans and the Annuity Purchase mentioned above. The plans recognized actuarial gains due to significant increases in bond yields that resulted in increases to the discount rates. Discount rate increases were partially offset by actual return on assets falling behind expected returns for the year.

Plan Assets

The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation, reinvestment of dividend and interest income, and safety of invested funds.

Our investment policy outlines the governance structure for decision-making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our pension assets, is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022
Equity securities	25	25	41
Debt securities	65	62	43

Hedge fund investments	10	12	15
Cash and cash equivalents	1	1	1

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Due to the timing of the annuity purchase (as discussed above), funds were organized in a way that provided sufficient liquidity for the transaction. This caused our pension plans asset allocation to differ significantly from our desired policy as of September 25, 2022.

Fair Value Measurements

The fair value hierarchy of pension assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of pension assets at September 25, 2022 was as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2023 or 2022. Pension assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include three investments:


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $2.3 million and $2.2 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem this fund on a monthly basis.

			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $11.7 million and $16.7 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $12.7 million and $15.9 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 50% of our investment in this fund twice per year.

The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:


(Thousands of Dollars)	2023	2022	2021
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $240, $279, and $19,148, respectively	(560)	(14,485)	59,663
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $3,414, $6,389, and $819, respectively	10,750	(11,049)	2,574
Other comprehensive (loss) income recognized in operations, net of taxes	10,190	(25,534)	62,237

Cash Flows

Based on our forecast at September 24, 2023, we expect to make no contributions to our pension trust in 2024.

We anticipate future benefit payments to be paid from the pension trust as follows:


(Thousands of Dollars)

2024			16,262
2025			14,575
2026			14,816
2027			14,944
2028			15,021
2029-2033			74,092

Other Plans

We are the plan sponsor for other funded and unfunded defined benefit pension plans that are not considered material. The net benefit obligation for these plans are $0.6 million and $1.0 million at September 24, 2023 and September 25, 2022, respectively.

Subsequent Event

Subsequent to September 24, 2023, the Company offered a voluntary lump sum payment of future pension benefits to terminated vested participants of the Plan. As of November 30, 2023, 522 participants representing $22.6 million in Plan liabilities have elected to take the voluntary offer.

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid.

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	68	108	207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net actuarial gain	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	—	(23,830)
Net periodic postretirement benefit	(2,177)	(2,246)	(25,533)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	12,287	18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	—	(12)
Benefit obligation, end of year	11,252	12,287
Fair value of plan assets, beginning of year	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets at measurement date	25,809	23,903
Funded status	14,557	11,616

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	19,043	17,327

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain	16,660	14,298
Unrecognized prior service benefit	2,383	3,029
	19,043	17,327

We expect to recognize $1.2 million and $0.4 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2024.

Assumptions

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.6	5.3
Expected long-term return on plan assets	5.0	5.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021

Discount rate - service cost	5.9	5.5	2.5
Discount rate - interest cost	5.5	5.1	1.9
Expected long-term return on plan assets	5.0	5.0	4.0

For 2023, the expected long-term return on plan assets is 5.0%. The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Assumed health care cost trend rates are as follows:


(Percent)	September 24 2023	September 25 2022

Health care cost trend rates	3.9	10.6
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)	4.5	4.5
Year in which the rate reaches the Ultimate Trend Rate	2033	2032

Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above.

In 2021, we notified certain participants in one of our postemployment medical plans of changes to their plan, including elimination of coverage for certain participants. These changes resulted in a non-cash curtailment gain of $23.8 million in 2021. The curtailment gain is recorded in Curtailment gain in the Consolidated Statements of Income (loss) and Comprehensive Income (loss). These charges also reduced the postemployment benefit obligation by $23.8 million in 2021.

For the year ended September 24, 2023, the most significant driver of the decrease in benefit obligations for the plans was the higher actual return on assets compared to expectations. The plans also recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rates. For the year ended September 25, 2022, the most significant driver of the decrease in benefit obligations for the plans was the higher actuarial gains experienced by all plans. The plans recognized actuarial gains due to significant increases in bond yields that resulted in increases to the discount rates. Discount rate increases were partially offset by actual return on assets falling behind expected returns for the year.

Plan Assets

Assets of the retiree medical plan are invested in a master trust. The master trust also pays benefits of active employee medical plans for the same union employees. The fair value of master trust assets allocated to the active employee medical plans at September 24, 2023 and September 25, 2022 is $0.4 million and $0.6 million, respectively, which are included within the tables below.

The primary objective of our investment strategy is to satisfy our postretirement obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds.

Our investment policy outlines the governance structure for decision-making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022

Equity securities	20	20	17
Debt securities	70	68	71
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2023 or 2022. Postretirement assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include two investments:


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $0.9 million and $0.8 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem this fund on a monthly basis.
			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $3.0 million and $2.8 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

Cash Flows

Based on our forecast at September 24, 2023, we do not expect to contribute to our postretirement plans in 2024.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Modernization Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) and a federal subsidy to sponsors of retiree health care benefit plans (“Subsidy”) that provide a benefit at least actuarially equivalent (as that term is defined in the Modernization Act) to Medicare Part D. We concluded we qualify for the Subsidy under the Modernization Act since the prescription drug benefits provided under our postretirement health care plans generally require lower premiums from covered retirees and have lower deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than, the benefits provided under the Modernization Act.

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


(Thousands of Dollars)	Gross Payments	Less Medicare Part D Subsidy	Net Payments

2024	906	—	906
2025	906	—	906
2026	916	—	916
2027	933	—	933
2028	912	—	912
2029-2033	4,395	—	4,395

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, was $1.6 million at September 24, 2023 and $1.8 million at September 25, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Common Stock	12 Months Ended
Common Stock	Sep. 24, 2023
Stockholders' Equity Note [Abstract]
Common Stock	COMMON STOCK Warrant Agreement In connection with the previous 2nd Lien Term Loan entered into as part of the 2014 Refinancing, we entered into the Warrant Agreement. Under the Warrant Agreement, certain affiliates or designees of the 2nd Lien Lenders received on March 31, 2014, their pro rata share of Warrants to purchase, in cash, 600,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions. The Warrants represent, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014, on a fully diluted basis. The exercise price of the Warrants was $41.90 per share. The Warrant Agreement contained a cash settlement provision in the event of a change of control prior to March 31, 2018, as well as other provisions requiring the Warrants to be measured at fair value and classified as warrants and other liabilities in our Consolidated Balance Sheets. We re-measured the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $16.9 million. The Warrants expired in March 2022. In connection with the issuance of the Warrants, we entered into the Registration Rights Agreement. The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to file and maintain the effectiveness for certain specified periods of a shelf registration statement covering the shares of Common Stock upon exercise of the Warrants.

Leases (Tables)

12 Months Ended

Sep. 24, 2023

Leases [Abstract]

Total Lease Expense

Total lease expense consists of the following:


(Thousands of Dollars)	2023	2022	2021
Operating lease costs	12,688	13,786	14,846
Variable lease costs	1,175	1,201	92
Short-term lease costs	355	217	—
Total Operating Lease Expense	14,218	15,204	14,938

Supplemental cash flow information related to our operating leases is as follows:


(Thousands of Dollars)	2023	2022	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	13,403	14,325	14,789
Right-of-use assets obtained in exchange for operating lease liabilities	3,855	990	932

The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.


	September 24, 2023
Weighted average remaining lease term (years)	5 years, 7 months, 4 days
Weighted Average discount rate	7.88	%

Schedule of Maturities of Lease Liabilities

As of September 24, 2023, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2024			12,179
2025			10,960
2026			9,369
2027			7,701
2028			6,324
Thereafter			10,609
Total lease payments			57,142
Less: interest			(12,806)
Present value of lease liabilities			44,336

Common Stock (Details) - $ / shares shares in Thousands	Sep. 25, 2022	Mar. 30, 2018	Mar. 31, 2014
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	600
Warrant Agreement
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			600
Class of warrant or right, percentage of common stock outstanding			10.10%
Class of warrant or right, exercise price of warrants or rights (in dollars per share)			$ 41.90
Warrants outstanding (in shares)		16,900

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 24, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Reclassification

Fiscal Year

Accounting Estimates

Principles of Consolidation

All significant intercompany transactions and balances have been eliminated.

Cash and Cash Equivalents

We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents.

Accounts Receivable

We evaluate our allowance for credit losses based on historical credit experience, payment trends and other economic factors. Accounts considered to be uncollectible are written off.

Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value.

Investments

The Company has elected to account for distributions under the cumulative earnings approach.

Property and Equipment

Property and equipment are carried at cost. Equipment and all other assets are depreciated using the straight line method. The estimated useful lives are as follows:


			Years

Buildings and improvements			5 - 40
Printing presses and insertion equipment			5 - 25
Leasehold improvements			3 - 10
Other			3 - 15

Goodwill and Other Intangible Assets

Intangible assets include customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method except for intangible assets acquired in the Transactions which are being amortized in an accelerated manner consistent with the expected economic benefit.


			Years

Customer lists			10 - 20
Newspaper subscriber lists			10 - 20

Leases

Business Combinations

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as audience subscription revenue. No single customer represented 10% or more of the Company's net revenue in any fiscal period presented.

Advertising and marketing services revenue

Print advertising revenue includes amounts charged to customers for retail, national, or classified advertising space purchased in our newspapers, advertising marketing services and other print advertising products such as preprint inserts and direct mail.

Digital advertising revenue includes amounts for advertisements placed on our digital platforms, amounts charged to customers for digital marketing services which include: audience extension, Search Engine Optimization, Search Engine Marketing, web and mobile production, social media services and reputation monitoring and management.

Payments for print and digital advertising revenue are due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not large. As a result, we have determined that our contracts do not include a significant financing component.

Subscription revenue

Print subscription revenue results from the sale of print editions of newspapers to individual subscribers and to sales outlets that resell the newspapers. Print subscriptions include full access to all forms of content provided. Single copy revenue is also included in subscription revenue. Subscription revenue from single-copy and home delivery subscriptions are recognized at the point in time the publications are delivered.

Digital subscription revenue results from the sale of digital-only access to the Company's content delivered via digital products purchased. Digital subscription revenue is recognized over time as performance obligations are met throughout the subscription period.

Payments for print and digital subscription revenue are typically collected in advance, are for contract periods of one year or less and result in an unearned revenue liability that is reduced when revenue is recognized.

Other revenue

Other revenue primarily consists of digital services, commercial printing and delivery of third party products. Digital services revenues, which are primarily delivered through BLOX Digital, are primarily comprised of contractual agreements to provide webhosting and content management services. As such, digital services revenue is recognized over the contract period. Prices for digital services are agreed upon in advance of the

contract beginning and are typically billed in arrears on a monthly basis, with the exception of implementation fees which are recognized as deferred revenue and amortized over the contract period. Commercial printing and delivery revenue is recognized when the product is delivered to the customer.

Restructuring Costs and Other

Pension, Postretirement and Postemployment Benefit Plans

Multiemployer Pension Plans

Income Taxes

Fair Value Measurements

on whether the inputs to those measurements are observable or unobservable, which consists of the following levels:

Level 1 - Quoted prices for identical instruments in active markets.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Investments measured at net asset value, as a practical expedient for fair value, are excluded from the fair value hierarchy.

Valuation methodologies measured at fair value are as follows:

Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1.

Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted inactive market prices. Such investments are classified as Level 2.

Segments

Stock Compensation and Warrants

Uninsured Risks

New Accounting Pronouncements not yet Adopted and Recently Issued Accounting Standards

New Accounting Pronouncements not yet Adopted

Recently Issued Accounting Standards - Standards Adopted in 2023 and 2022

None

Recently Issued Accounting Standards - Standards Adopted in 2021

Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Reconciliation of Changes in Gross Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 18,242	$ 18,279
Changes in tax positions for prior years	(687)	(307)
Decrease in tax positions for the current year	(347)
Increase in tax positions for the current year		1,887
Lapse in statute of limitations	(2,294)	(1,617)
Balance, end of year	$ 14,914	$ 18,242

Goodwill and Other Intangible Assets - Pretax Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Non-amortized intangible assets	$ 7,671	$ 14,203	$ 787
Property, equipment and other assets	0	0	190
Pretax impairment charges	$ 7,671	$ 14,203	$ 977
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment

Significant Accounting Policies - Intangible Assets Amortization Period (Details)	Sep. 24, 2023
Minimum \| Customer lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Minimum \| Newspaper subscriber lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Maximum \| Customer lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years
Maximum \| Newspaper subscriber lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years

Earnings Per Common Share (Tables)

12 Months Ended

Sep. 24, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per common share:


(Thousands of Dollars and Shares, Except Per Common Share Data)	2023	2022	2021

(Loss) income attributable to Lee Enterprises, Incorporated:	(5,267)	(2,017)	22,745

Weighted average Common Stock	6,037	5,946	5,873
Less non-vested restricted Common Stock	(170)	(167)	(156)
Basic average Common Stock	5,867	5,779	5,717
Dilutive stock options and restricted Common Stock	—	—	109
Diluted average Common Stock	5,867	5,779	5,826
Earnings per common share:
Basic:	(0.90)	(0.35)	3.98
Diluted	(0.90)	(0.35)	3.90

Other Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Other Information [Abstract]
Interest	$ 41,471	$ 41,770	$ 45,214
Income tax payments, net	$ 3,722	$ 5,311	$ 7,604

Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Goodwill attributable to the disposition of non-core operation	$ 0	700
Decrease in royalty rates	5000.00%
Non-amortized intangible assets	$ 7,671	$ 14,203	$ 787
Increase in discount rate	10000.00%
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment
Amortization expense	$ 19,000	$ 22,200	$ 24,900
Annual amortization of intangible assets, year one	18,400
Annual amortization of intangible assets, year two	12,800
Annual amortization of intangible assets, year three	7,300
Annual amortization of intangible assets, year four	7,100
Annual amortization of intangible assets, year five	$ 5,500
Weighted average amortization period (in years)	11 years 6 months
Estimating Using Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets	$ 9,300
Estimating Using Discount Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets	$ 1,200
Minimum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.000
Minimum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input			0.1050
Maximum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.010
Maximum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.1300	0.1100

Significant Accounting Policies (Tables)

12 Months Ended

Sep. 24, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Inventory by Cost Method

The components of inventory by cost method are as follows:


(Thousands of Dollars)	September 24, 2023	September 25, 2022

Newsprint - FIFO method	200	393
Newsprint - LIFO method	612	447
Other inventory - FIFO method	2,173	2,219
Specific identification	4,519	5,206
	7,504	8,265

Schedule of Property and Equipment

The estimated useful lives are as follows:


			Years

Buildings and improvements			5 - 40
Printing presses and insertion equipment			5 - 25
Leasehold improvements			3 - 10
Other			3 - 15

Schedule of Finite-Lived Intangible Assets


			Years

Customer lists			10 - 20
Newspaper subscriber lists			10 - 20

Stock Ownership Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock compensation expense	$ 1.8	$ 1.3	$ 0.9
Common stock reserved for future issuances (in shares)	196,359
Number of shares available for grant (in shares)	196,359
Unrecognized compensation expense for unvested restricted common stock	$ 1.7
Cost not yet recognized, period for recognition (years)	1 year 4 months 24 days
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock ownership plan, shares available for issuance (in shares)	27,000
Supplemental Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock ownership plan, shares available for issuance (in shares)	870
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting or restriction period (in years)	10 years

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross amount	$ 1,618,233	$ 1,618,933
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill [Roll Forward]
Goodwill, beginning of year	329,504	330,204
Disposal	0	(700)
Goodwill, end of year	$ 329,504	$ 329,504

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Other Retirement Plans - Other Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
GCIU- Employer Retirement Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 0	$ 0	$ 10
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	0	15
CWA/ITU negotiated Pension Plan
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	0	81
IAM National Pension Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	45	57	67
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 32	$ 50	$ 49

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Sep. 24, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2023	2022

Goodwill, gross amount	1,618,233	1,618,933
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	329,504	330,204
Disposal	—	(700)
Goodwill, end of year	329,504	329,504

Schedule of Intangible Assets

Identified intangible assets related to continuing operations consist of the following:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-amortized intangible assets:
Mastheads	18,675	26,346
Amortizable intangible assets:
Customer and newspaper subscriber lists	306,766	323,568
Less accumulated amortization	(230,453)	(228,541)
	76,313	95,027
Identified intangible assets	94,988	121,373

Asset Impairment Charges

A summary of the pretax impairment charges is included in the table below:


(Thousands of Dollars)	2023	2022	2021

Non-amortized intangible assets	7,671	14,203	787
Property, equipment and other assets	—	—	190
	7,671	14,203	977

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Defined Benefit Pension Plans - Weighted-Average Assumptions (Details)	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Interest crediting rate	2.50%	2.50%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.70%	5.30%
Discount rate - service cost	5.80%	5.40%	3.00%
Discount rate - interest cost	5.70%	5.30%	1.90%
Expected long-term return on plan assets	5.00%	5.00%	5.90%

Income Taxes - Income Tax Expense (Benefit) Related to Continuing Operations (Details)	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
(Percent of (Loss) Income Before Income Taxes)
Computed “expected” income tax expense	21.00%	21.00%	21.00%
State income tax benefit, net of federal tax benefit	(5.40%)	(8.90%)	5.60%
Net income of associated companies	31.20%	(77.20%)	(1.80%)
Resolution of tax matters	69.70%	(32.20%)	3.20%
Remeasurement due to state rate changes	(84.00%)	(11.20%)	0.10%
Non-deductible expenses	(28.50%)	124.00%	0.90%
Provision to return adjustment	(0.50%)	70.20%	0.00%
Valuation allowance	16.00%	11.90%	(6.00%)
Wage credit, net addback	0.00%	(7.50%)	0.00%
Warrant valuation	0.00%	(1.90%)	(0.40%)
Interest and penalties	(9.00%)	0.00%	0.00%
Other	0.80%	0.00%	0.00%
Total percent of income (loss) before income taxes	11.30%	88.20%	22.60%

Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Number of Shares
Outstanding, beginning of year (in shares)	165	154	155
Granted (in shares)	69	78	46
Vested (in shares)	(62)	(66)	(45)
Forfeited (in shares)	(10)	(1)	(2)
Outstanding, end of year (in shares)	162	165	154
Weighted Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share)	$ 21.21	$ 16.70	$ 21.50
Granted (in dollars per share)	17.87	30.01	11.20
Vested (in dollars per share)	17.27	20.93	27.30
Forfeitures (in dollars per share)	24.04	23.60	16.10
Outstanding, end of year (in dollars per share)	$ 21.14	$ 21.21	$ 16.70

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 2,500
Accrued interest related to unrecognized tax benefits	1,200	$ 1,500
Deferred tax asset	9,800	4,800
Operating loss carryforwards	25,749	26,224
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Unrecognized tax benefits related to net operating loss	10,700	$ 11,900
State tax benefits in net operating loss carryforwards	43,300
Operating loss carryforwards	$ 34,200

Other Retirement Plans (Tables)

12 Months Ended

Sep. 24, 2023

Retirement Benefits [Abstract]

Multiemployer Plan Information

Information related to these plans is outlined in the table below:

(Thousands of Dollars)

Zone Status
September 30

Funding Improvement
Plan/Rehabilitation Plan
Status

Contributions

Pension Plan

2023

2022

Status

2023

2022

2021

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Implemented

—

91-6024903

N/A (1)

District No. 9, International Association of Machinists and Aerospace Workers Pension Trust

Green

Endangered

N/A

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Implemented

—

13-6212879

N/A (1)

IAM National Pension Fund

Green

N/A

51-6031295

N/A (1)

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers

Green

N/A

36-6052390

12/31/2023

(1)The Company has withdrawn from the multiemployer plan

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

+ Details

Revenue (Tables)

12 Months Ended

Sep. 24, 2023

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2023	2022	2021

Operating revenue:
Print advertising revenue	125,804	184,963	227,892
Digital advertising revenue	193,173	181,465	141,391
Advertising and marketing services revenue	318,977	366,428	369,283
Print subscription revenue	252,591	313,504	329,484
Digital-only subscription revenue	60,700	40,120	28,229
Subscription Revenue	313,291	353,624	357,713
Print other revenue	39,508	42,962	48,656
Digital other revenue	19,362	17,955	18,997
Other revenue	58,870	60,917	67,653
Total operating revenue	691,138	780,969	794,649

Allowance for Credit Losses

12 Months Ended

Sep. 24, 2023

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

ALLOWANCE FOR CREDIT LOSSES

Valuation and qualifying account information related to the allowance for credit losses related to continuing operations is as follows:


(Thousands of Dollars)	2023	2022	2021

Balance, beginning of year	5,237	6,574	13,431
Additions charged to expense	6,942	5,190	1,505
Deductions from reserves	(6,919)	(6,527)	(8,362)
Balance, end of year	5,260	5,237	6,574

Stock Ownership Plans - Stock Option Activities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	0	36	41
Exercised (in shares)	0	(9)	(2)
Canceled (in shares)	0	(27)	(3)
Outstanding, ending balance (in shares)	0	0	36
Exercisable, end of year (in shares)	0	0	36

Earnings Per Common Share - Narrative (Details) - shares	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	48,955	74,304	600,000

Stock Ownership Plans - Weighted Average Prices of Stock Options (Details) - $ / shares	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Share-Based Payment Arrangement [Abstract]
Exercised (in dollars per share)	$ 0	$ 11.30	$ 11.30
Cancelled (in dollars per share)	0	11.30	11.30
Outstanding, end of year (in dollars per share)	$ 0	$ 11.40	$ 11.40

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Sep. 24, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES Capital Expenditures At September 24, 2023, we had construction and equipment purchase commitments totaling approximately $3.7 million. Income Taxes Commitments exclude unrecognized tax benefits to be recorded in accordance with ASC Topic 740, Income Taxes. We are unable to reasonably estimate the ultimate amount or timing of cash settlements with the respective taxing authorities for such matters. See Note 12. We file income tax returns with the Internal Revenue Service and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies, and those audits may result in proposed adjustments. We have considered the alternative interpretations that may be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, the actual outcome cannot be determined with certainty and the difference could be material, either positively or negatively, to the Consolidated Statements of Income and Comprehensive Income (Loss) in the periods in which such matters are ultimately determined. We do not believe the final resolution of such matters will be material to our consolidated financial position or cash flows. We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through 2014. Legal Proceedings We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole.

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning Balance at Sep. 27, 2020		$ 58	$ 256,957	$ (281,957)	$ (20,050)
Beginning Balance (in shares) at Sep. 27, 2020		5,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued		$ 1	252
Shares issued (in shares)		54
Stock compensation			854
Net income (loss)	$ 24,792			24,792
Net income attributable to non-controlling interests	(2,047)			(2,047)
Change in pension and postretirement benefits					82,204
Deferred income taxes, net					(19,967)
Ending Balance at Sep. 26, 2021	$ 41,097	$ 59	258,063	(259,212)	42,187
Ending Balance (in shares) at Sep. 26, 2021	5,889	5,889
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued		$ 1	(29)
Shares issued (in shares)		90
Stock compensation			1,487
Net income (loss)	$ 97			97
Net income attributable to non-controlling interests	(2,114)			(2,114)
Change in pension and postretirement benefits					(32,202)
Deferred income taxes, net					6,668
Ending Balance at Sep. 25, 2022	$ 15,005	$ 60	259,521	(261,229)	16,653
Ending Balance (in shares) at Sep. 25, 2022	5,979	5,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued		$ 1	(495)
Shares issued (in shares)		85
Stock compensation			1,806
Net income (loss)	$ (2,733)			(2,733)
Net income attributable to non-controlling interests	(2,534)			(2,534)
Change in pension and postretirement benefits					13,364
Deferred income taxes, net					(3,174)
Ending Balance at Sep. 24, 2023	$ 21,240	$ 61	$ 260,832	$ (266,496)	$ 26,843
Ending Balance (in shares) at Sep. 24, 2023	6,064	6,064

Postretirement and Postemployment Benefits - Benefit Obligations and Plan Assets (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 12,287	$ 18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	0	(12)
Benefit obligation, end of year	11,252	12,287
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets, end of year	25,809	23,903
Funded status	$ 14,557	$ 11,616

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Operating revenue:
Operating revenue	$ 691,138	$ 780,969	$ 794,649
Operating expenses:
Compensation	266,907	317,789	330,896
Newsprint and ink	25,346	30,101	29,775
Other operating expenses	323,067	344,905	325,597
Depreciation and amortization	30,621	36,544	42,841
Assets loss (gain) on sales, impairments and other, net	1,882	9,716	8,214
Restructuring costs and other	12,673	22,720	7,182
Total operating expenses	660,496	761,775	744,505
Equity in earnings of associated companies	6,527	5,657	6,412
Operating income	37,169	24,851	56,556
Non-operating (expense) income:
Interest expense	(41,471)	(41,770)	(44,773)
Curtailment gain	0	1,027	23,830
Pension withdrawal cost	(1,200)	(2,335)	(12,862)
Pension and OPEB related benefit and other, net	2,420	19,022	9,296
Total non-operating expense, net	(40,251)	(24,056)	(24,509)
(Loss) income before income taxes	(3,082)	795	32,047
Income tax (benefit) expense	(349)	698	7,255
Net (loss) income	(2,733)	97	24,792
Net income attributable to non-controlling interests	(2,534)	(2,114)	(2,047)
Loss attributable to Lee Enterprises, Incorporated	(5,267)	(2,017)	22,745
Other comprehensive income (loss), net of income taxes	10,190	(25,534)	62,237
Comprehensive income (loss) attributable to Lee Enterprises, Incorporated	$ 4,923	$ (27,551)	$ 84,982
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.90)	$ (0.35)	$ 3.98
Diluted (in dollars per share)	$ (0.90)	$ (0.35)	$ 3.90
Advertising and marketing services
Operating revenue:
Operating revenue	$ 318,977	$ 366,428	$ 369,283
Subscription
Operating revenue:
Operating revenue	313,291	353,624	357,713
Other
Operating revenue:
Operating revenue	$ 58,870	$ 60,917	$ 67,653

Income Taxes

12 Months Ended

Sep. 24, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense (benefit) consists of the following:


(Thousands of Dollars)	2023	2022	2021

Current:
Federal	4,528	4,932	(2,431)
State	(336)	142	3,642
Deferred	(4,541)	(4,376)	6,044
	(349)	698	7,255


(Percent of (Loss) Income Before Income Taxes)	2023	2022	2021

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	(5.4)	(8.9)	5.6
Net income of associated companies	31.2	(77.2)	(1.8)
Resolution of tax matters	69.7	(32.2)	3.2
Remeasurement due to state rate changes	(84.0)	(11.2)	0.1
Non-deductible expenses	(28.5)	124.0	0.9
Provision to return adjustment	(0.5)	70.2	—
Valuation allowance	16.0	11.9	(6.0)
Wage credit, net addback	—	(7.5)	—
Warrant valuation	—	(1.9)	(0.4)
Interest and penalties	(9.0)	—	—
Other	0.8	—	—
	11.3	88.2	22.6

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 24 2023	September 25 2022

Deferred income tax liabilities:
Property and equipment	(8,461)	(11,712)
Identified intangible assets	(18,705)	(21,649)
ASC 842 - Leases DTL	(9,890)	(11,308)
Other	(615)	—
Investments	(31,296)	(26,489)
	(68,967)	(71,158)
Deferred income tax assets:
Allowance for credit losses	1,655	802
Pension and postretirement benefits	1,102	3,445
Long-term debt	159	161
Interest deduction limitation	9,828	4,809
Operating loss carryforwards	25,749	26,224
ASC 842 - Leases DTA	11,037	13,112
Accrued compensation	2,341	1,914
Accrued expenses	1,510	1,663
Other	—	2,964
	53,381	55,094
Valuation allowance	(25,765)	(26,655)
Net deferred income tax liabilities	(41,351)	(42,719)

All deferred taxes are categorized as non-current.

A reconciliation of 2023 and 2022 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2023	2022

Balance, beginning of year	18,242	18,279
Changes in tax positions for prior years	(687)	(307)
Increases (decrease) in tax positions for the current year	(347)	1,887
Lapse in statute of limitations	(2,294)	(1,617)
Balance, end of year	14,914	18,242

Approximately $10.7 million and $11.9 million of the gross unrecognized tax benefit balances for 2023 and 2022, respectively, relate to state net operating losses which are netted against deferred taxes on our Consolidated Balance Sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $2.5 million at September 24, 2023. The Company does not expect that unrecognized tax benefits will fluctuate significantly in the next twelve months. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was, net of tax, $1.2 million at September 24, 2023 and $1.5 million at September 25, 2022. There were no amounts provided for penalties at September 24, 2023 or September 25, 2022.

At September 24, 2023 and September 25, 2022, we had a deferred tax asset of $9.8 million and $4.8 million, respectively, related to disallowed interest expense.

The Company is current undergoing a New York Franchise Tax audit that includes fiscal year periods 2019 through 2021. Certain of the Company's state income tax returns for the year ended September 25, 2016 are open for examination. The Federal and remaining state returns are open beginning with the September 24, 2017 year.

At September 24, 2023, we have state tax benefits of approximately $43.3 million in net operating loss ("NOL") carryforwards that expire between 2022 and 2040. These NOL carryforwards result in a deferred income tax asset of $34.2 million at September 24, 2023, a portion of which is offset by a valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value of Financial Instruments - Estimate Fair Value of Financial Instruments (Details)	Sep. 24, 2023 $ / shares year	Sep. 25, 2022 $ / shares year	Sep. 26, 2021 $ / shares year
Volatility (Percent)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0	0.43
Risk-free interest rate (Percent)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0	0.0005
Expected term (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| year	0	0	0.5
Estimated fair value (Dollars)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares	0	0	0.12

Postretirement and Postemployment Benefits

12 Months Ended

Sep. 24, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Postretirement and Postemployment Benefits

DEFINED BENEFIT PENSION PLANS

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	19	488	2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	—	(4,245)	—
Curtailment gain	—	(1,027)	—
Net periodic pension cost (benefit)	1,057	(17,722)	(5,000)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	210,806	386,832
Service cost	19	488
Interest cost	10,368	7,999
Plan amendments	—	6,077
Actuarial (gain) loss	(9,876)	(86,387)
Benefits paid	(12,130)	(21,799)
Liability (gain)/loss due to curtailment	—	(1,027)
Settlements	—	(81,377)
Benefit obligation, end of year	199,187	210,806
Fair value of plan assets, beginning of year:	211,058	400,907
Actual return on plan assets	12,638	(84,636)
Benefits paid	(12,130)	(21,799)
Administrative expenses paid	(1,535)	(2,149)
Settlements	—	(81,377)
Employer contributions	—	112
Fair value of plan assets, end of year	210,031	211,058
Funded status	10,844	252

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Net pension assets	10,844	252
Accumulated other comprehensive income (before income taxes)	16,653	5,005

Amounts recognized in accumulated other comprehensive income (loss) are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain (loss)	21,246	10,450
Unrecognized prior service cost	(4,593)	(5,445)
	16,653	5,005

We expect to recognize $0.8 million of unrecognized prior service cost in net periodic pension costs in 2024.

Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.7	5.3
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021
Discount rate - service cost	5.8	5.4	3.0
Discount rate - interest cost	5.7	5.3	1.9
Expected long-term return on plan assets	5.0	5.0	5.9

Plan Assets

The weighted-average asset allocation of our pension assets, is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022
Equity securities	25	25	41
Debt securities	65	62	43

Hedge fund investments	10	12	15
Cash and cash equivalents	1	1	1

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of pension assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of pension assets at September 25, 2022 was as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $2.3 million and $2.2 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem this fund on a monthly basis.

			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $11.7 million and $16.7 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $12.7 million and $15.9 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 50% of our investment in this fund twice per year.

The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:


(Thousands of Dollars)	2023	2022	2021
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $240, $279, and $19,148, respectively	(560)	(14,485)	59,663
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $3,414, $6,389, and $819, respectively	10,750	(11,049)	2,574
Other comprehensive (loss) income recognized in operations, net of taxes	10,190	(25,534)	62,237

Cash Flows

Based on our forecast at September 24, 2023, we expect to make no contributions to our pension trust in 2024.

We anticipate future benefit payments to be paid from the pension trust as follows:


(Thousands of Dollars)

2024			16,262
2025			14,575
2026			14,816
2027			14,944
2028			15,021
2029-2033			74,092

Other Plans

Subsequent Event

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	68	108	207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net actuarial gain	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	—	(23,830)
Net periodic postretirement benefit	(2,177)	(2,246)	(25,533)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	12,287	18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	—	(12)
Benefit obligation, end of year	11,252	12,287
Fair value of plan assets, beginning of year	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets at measurement date	25,809	23,903
Funded status	14,557	11,616

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	19,043	17,327

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain	16,660	14,298
Unrecognized prior service benefit	2,383	3,029
	19,043	17,327

We expect to recognize $1.2 million and $0.4 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2024.

Assumptions

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.6	5.3
Expected long-term return on plan assets	5.0	5.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021

Discount rate - service cost	5.9	5.5	2.5
Discount rate - interest cost	5.5	5.1	1.9
Expected long-term return on plan assets	5.0	5.0	4.0

Assumed health care cost trend rates are as follows:


(Percent)	September 24 2023	September 25 2022

Health care cost trend rates	3.9	10.6
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)	4.5	4.5
Year in which the rate reaches the Ultimate Trend Rate	2033	2032

Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above.

Plan Assets

Our investment policy outlines the governance structure for decision-making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022

Equity securities	20	20	17
Debt securities	70	68	71
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $0.9 million and $0.8 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem this fund on a monthly basis.
			•			Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $3.0 million and $2.8 million as of September 24, 2023 and September 25, 2022, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

Cash Flows

Based on our forecast at September 24, 2023, we do not expect to contribute to our postretirement plans in 2024.

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


(Thousands of Dollars)	Gross Payments	Less Medicare Part D Subsidy	Net Payments

2024	906	—	906
2025	906	—	906
2026	916	—	916
2027	933	—	933
2028	912	—	912
2029-2033	4,395	—	4,395

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, was $1.6 million at September 24, 2023 and $1.8 million at September 25, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Sep. 24, 2023	Sep. 26, 2021
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.	KPMG LLP
Auditor Location	Chicago, IL	Chicago, IL
Auditor Firm ID	243	185

Postretirement and Postemployment Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial gain (loss)	$ 16,660	$ 14,298
Unrecognized prior service benefit	2,383	3,029
Amounts recognized in accumulated other comprehensive income (loss)	$ 19,043	$ 17,327

Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Non-amortized intangible assets:
Mastheads	$ 18,675	$ 26,346
Amortizable intangible assets:
Other intangible assets, net	94,988	121,373
Customer and Newspaper Subscriber Lists
Amortizable intangible assets:
Amortizable intangible assets, gross	306,766	323,568
Less accumulated amortization	(230,453)	(228,541)
Amortizable intangibles assets, net	$ 76,313	$ 95,027

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Leases [Abstract]
Operating cash outflow from operating leases	$ 13,403	$ 14,325	$ 14,789
Right-of-use assets obtained in exchange for operating lease liabilities	$ 3,855	$ 990	$ 932

Postretirement and Postemployment Benefits - Future Benefit Payments (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024, gross payments	$ 16,262
2025, gross payments	14,575
2026, gross payments	14,816
2027, gross payments	14,944
2028, gross payments	15,021
2029-2032, gross payments	74,092
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024, gross payments	906
2024, subsidy	0
2024, net payments	906
2025, gross payments	906
2025, subsidy	0
2025, net payments	906
2026, gross payments	916
2026, subsidy	0
2026, net payments	916
2027, gross payments	933
2027, subsidy	0
2027, net payments	933
2028, gross payments	912
2028, subsidy	0
2028, net payments	912
2029-2032, gross payments	4,395
2029-2032, subsidy	0
2029-2032, net payments	$ 4,395

Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
ASSETS
Current assets	$ 106,529	$ 109,123
Total assets	711,617	744,042
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	687,911	726,805
Current liabilities	114,336	131,136
Members' equity	21,240	15,005	$ 41,097
Total liabilities and members' equity (deficit)	711,617	744,042
Operating revenue	691,138	780,969	794,649
Operating expenses	660,496	761,775	744,505
Restructuring costs and other	12,673	22,720	7,182
Operating income	37,169	24,851	56,556
Net income	(5,267)	(2,017)	22,745
Less amortization of intangible assets	19,000	22,200	24,900
Equity in earnings	6,527	5,657	6,412
TNI Partners
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Company's 50% share	3,571	4,354	4,731
Less amortization of intangible assets	0	0	0
Equity in earnings	3,571	4,354	4,731
MNI
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Equity in earnings	2,956	1,303	1,681
TNI Partners
ASSETS
Current assets	1,901	2,801
Investments and other assets	1,240	1,584
Total assets	3,141	4,385
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	3,837	5,005
Members' equity	(696)	(620)
Total liabilities and members' equity (deficit)	3,141	4,385
Operating revenue	31,076	34,153	34,782
Operating expenses	24,446	25,445	25,320
Operating income	6,630	8,708	9,462
Net income	7,142	8,708	9,462
MNI
ASSETS
Current assets	8,916	5,837
Investments and other assets	29,267	29,903
Total assets	38,183	35,740
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities	6,352	5,922
Other liabilities	6,303	5,696
Members' equity	25,528	24,122
Total liabilities and members' equity (deficit)	38,183	35,740
Operating revenue	44,109	47,621	46,015
Operating expenses	30,654	37,922	35,583
Restructuring costs and other	143	169	107
Depreciation and amortization	539	672	711
Operating income	12,773	8,858	9,614
Net income	$ 5,911	$ 2,605	$ 3,362

Debt	12 Months Ended
Debt	Sep. 24, 2023
Debt Disclosure [Abstract]
Debt	DEBT On March 16, 2020 concurrent with closing the Transactions, the Company completed a comprehensive refinancing of its debt (the "2020 Refinancing"). The 2020 Refinancing consists of the Credit Agreement and Term Loan. The proceeds of the Term Loan were used, along with cash on hand, to refinance the Company's $431.5 million it incurred in 2014 (the "2014 Refinancing") as well as to fund the acquisition of BH Media Newspaper Business assets and the stock of Buffalo News for $140.0 million in cash. With the closing of this transaction, BH Finance became Lee's sole lender. Proceeds of the Term Loan were used to finance the Transactions and refinance all of the Company's outstanding debt at par. The Term Loan matures in March 2045. The Company's debt is collateralized by all Company assets. As of September 24, 2023, the Company has $455.7 million in aggregate principal debt outstanding under the Term Loan. The debt has a fixed interest rate at September 24, 2023 of 9.0%. During the twelve months ended September 24, 2023, we made principal debt payments of $6.8 million. Payments were from the sale of non-core assets. Future payments are contingent on the Company's ability to generate future Excess Cash Flow, as defined below. The Credit Agreement contains certain customary representations and warranties, certain affirmative and negative covenants and certain conditions, including restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of stock of the Company and certain other capital transactions. Certain existing and future direct and indirect material domestic subsidiaries of the Company are guarantors of the Company's obligations under the Credit Agreement. The Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with the Company's Equity Interests or from the proceeds of a sale of the Company's Equity Interests. Further, the Credit Agreement restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur additional indebtedness, (ii) make certain investments, (iii) enter into mergers, acquisitions and asset sales, (iv) incur or create liens and (v) enter into transactions with certain affiliates. The Credit Agreement contains various representations and warranties by the Company and may be terminated upon the occurrence of certain events of default, including non-payment. The Credit Agreement also contains cross-default provisions tied to other agreements with BH Finance entered into by the Company and its subsidiaries in connection with the 2020 Refinancing. Principal Payments Voluntary pre-payments under the Credit Agreement are not subject to call premiums and are payable at par, with the exception of the change-of-control provisions discussed below. Excluding the Excess Cash Flow payments described below, there are no scheduled mandatory principal payments required under the Credit Agreement. The Company is required to make mandatory prepayments of the Term Loan as follows: •The Company must prepay the Term Loan in an aggregate amount equal to 100% of any Net Cash Proceeds received by the Company or any Subsidiary from a sale, transfer, license, or other disposition of any property of the Company or any subsidiary in excess of $0.5 million in any ninety (90) day period. •The Company is required to prepay the Term Loan with excess cash flow, defined as cash on the balance sheet at quarter-end in excess of $20.0 million ("Excess Cash Flow"). Excess Cash Flow is used to prepay the Term Loan, at par, and is due within 50-days of quarter-end. •If there is a Change of Control (as defined in the Credit Agreement), BH Finance has the option to require the Company to prepay the Term Loan in cash equal to 105% of the unpaid principal balance, plus accrued and unpaid interest. The Company may, upon notice to BH Finance, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part, at par, provided that any voluntary prepayment of the Term Loan shall be accompanied by payment of all accrued interest on the amount of principal prepaid to the date of prepayment. Warrants In connection with the 2nd Lien Term Loan entered into in the 2014 Refinancing, we entered into a Warrant Agreement dated as of March 31, 2014 (the "Warrant Agreement"). Under the Warrant Agreement, certain affiliates or designees of the 2nd Lien Lenders received on March 31, 2014 their pro rata share of warrants to purchase, in cash, an initial aggregate of 600,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions (the "Warrants"). The Warrants represented, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014 on a fully diluted basis. The exercise price of the Warrants was $41.90 per share. The Warrants expired in March 2022. The Warrant Agreement contained provisions requiring the Warrants to be measured at fair value and included in warrants and other liabilities in our Consolidated Balance Sheets. We re-measured at the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $16.9 million. See Note 13. Liquidity Pursuant to the terms of the Credit Agreement, our debt does not include a revolver. Our liquidity, consisting of cash on the balance sheet, totals $14.5 million at September 24, 2023. This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next twelve months will be satisfied by existing cash and our cash flows, which will allow us to maintain an adequate level of liquidity. There are numerous potential consequences under the Term Loan if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control. The occurrence of one or more events of default would give rise to the right of BH Finance to exercise their remedies under the Credit Agreement including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents. Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Credit Agreement (as defined above) has only limited affirmative covenants with which we are required to maintain compliance and there are no leverage or financial performance covenants. We are in compliance with our debt covenants at September 24, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue

12 Months Ended

Sep. 24, 2023

Disaggregation of Revenue [Abstract]

Revenue

REVENUE

Advertising and marketing services revenue

Subscription revenue

Other revenue

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2023	2022	2021

Operating revenue:
Print advertising revenue	125,804	184,963	227,892
Digital advertising revenue	193,173	181,465	141,391
Advertising and marketing services revenue	318,977	366,428	369,283
Print subscription revenue	252,591	313,504	329,484
Digital-only subscription revenue	60,700	40,120	28,229
Subscription Revenue	313,291	353,624	357,713
Print other revenue	39,508	42,962	48,656
Digital other revenue	19,362	17,955	18,997
Other revenue	58,870	60,917	67,653
Total operating revenue	691,138	780,969	794,649

Contract Liabilities: The Company’s primary source of unearned revenue is from subscriptions paid in advance of the service provided. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are the Company's only contract liability. Unearned revenue was $40.8 million as of September 24, 2023, $49.9 million as of September 25, 2022, and $61.4 million as of September 26, 2021. Revenue recognized in 2023, 2022, and 2021 that was included in the contract liability as of September 25, 2022, September 26, 2021, and September 27, 2020 was $47.2 million, $54.7 million, and $56.1 million, respectively.

Accounts receivable, excluding allowance for credit losses and contract assets, was $74.4 million, $74.8 million, and $71.6 million as of September 24, 2023, September 25, 2022 and September 26, 2021, respectively. Allowance for credit losses was $5.3 million and $5.2 million as of September 24, 2023 and September 25, 2022, respectively.

Practical expedients: Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. The vast majority of our contracts have original expected lengths of one year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Common Share

12 Months Ended

Sep. 24, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:


(Thousands of Dollars and Shares, Except Per Common Share Data)	2023	2022	2021

(Loss) income attributable to Lee Enterprises, Incorporated:	(5,267)	(2,017)	22,745

Weighted average Common Stock	6,037	5,946	5,873
Less non-vested restricted Common Stock	(170)	(167)	(156)
Basic average Common Stock	5,867	5,779	5,717
Dilutive stock options and restricted Common Stock	—	—	109
Diluted average Common Stock	5,867	5,779	5,826
Earnings per common share:
Basic:	(0.90)	(0.35)	3.98
Diluted	(0.90)	(0.35)	3.90

For 2021 we had 600,000 weighted average shares not considered in the computation of diluted earnings per share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. For 2023 and 2022 we had 48,955 and 74,304 weighted average shares, respectively, not considered in the computation of diluted earnings per share because the Company recorded net losses.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Operating revenue:
Operating revenue	$ 691,138	$ 780,969	$ 794,649
Advertising and marketing services revenue
Operating revenue:
Operating revenue	318,977	366,428	369,283
Advertising and marketing services revenue \| Print
Operating revenue:
Operating revenue	125,804	184,963	227,892
Advertising and marketing services revenue \| Digital
Operating revenue:
Operating revenue	193,173	181,465	141,391
Subscription Revenue
Operating revenue:
Operating revenue	313,291	353,624	357,713
Subscription Revenue \| Print
Operating revenue:
Operating revenue	252,591	313,504	329,484
Subscription Revenue \| Digital
Operating revenue:
Operating revenue	60,700	40,120	28,229
Other revenue
Operating revenue:
Operating revenue	58,870	60,917	67,653
Other revenue \| Print
Operating revenue:
Operating revenue	39,508	42,962	48,656
Other revenue \| Digital
Operating revenue:
Operating revenue	$ 19,362	$ 17,955	$ 18,997

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Investments in Associated Companies - Summarized Financial Information (Parentheticals) (Details)	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
TNI Partners
Schedule of Equity Method Investments [Line Items]
Percentage of share	50.00%	50.00%	50.00%

Postretirement and Postemployment Benefits - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year	$ 800
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain expected to be recognized in net periodic pension cost during next fiscal year	1,200
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year	$ 400
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets	5.00%	5.00%	4.00%
Non-current assets	$ 21,565	$ 19,066
Expected future employer contributions, next fiscal year	0
Postemployment benefit obligation	11,252	12,287	$ 18,538
Other Postretirement Benefits Plan \| U.S. Small Cap Value Equity Common/Collective Fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment in equity securities measured at fair value, recognized in net income	900	800
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment in equity securities measured at fair value, recognized in net income	$ 3,000	2,800
Maximum percentage of equity investment redeemable	0.90
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Notice for redemption of equity investment	90 days
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Notice for redemption of equity investment	120 days
Other Postretirement Benefits Plan \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Purchases, sales or transfers of assets classified as level 3	$ 0	0
Postemployment Retirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment gain	0	0	23,830
Liability (gain)/loss due to curtailment			$ 23,800
Postemployment benefit obligation	1,600	1,800
Retiree Medical Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	$ 400	$ 600

Allowance for Credit Losses - Valuation and Qualifying Account Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 5,237	$ 6,574	$ 13,431
Additions charged to expense	6,942	5,190	1,505
Deductions from reserves	(6,919)	(6,527)	(8,362)
Balance, end of year	$ 5,260	$ 5,237	$ 6,574

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Cash (required for) provided by operating activities:
Net income	$ (2,733)	$ 97	$ 24,792
Adjustments to reconcile net income (loss) to net cash provided by (required for) operating activities:
Depreciation and amortization	30,621	36,544	42,841
Bad debt expense	6,942	5,190	1,505
Curtailment gain	0	(1,027)	(23,830)
Pension withdrawal cost	1,200	2,335	12,862
Stock compensation expense	1,806	1,337	854
Asset loss (gain) on sales, impairments and other, net	1,882	9,716	8,214
Gain on sale of investment	(1,736)	0	0
Deferred income taxes	(4,542)	(4,377)	5,160
Pension contributions	0	(112)	(965)
Other, net	(2,290)	(2,015)	(1,253)
Changes in operating assets and liabilities:
Decrease (increase) in receivables	(6,739)	(7,804)	(13,977)
Decrease (increase) in inventories and other	977	(3,088)	1,237
(Decrease) increase in accounts payable, unearned revenue, other accrued liabilities and operating lease obligations	(26,155)	(14,645)	4,731
Decrease in pension, postretirement and postemployment benefit obligations	(83)	(21,449)	(2,667)
Change in income taxes payable	345	(236)	(8,418)
Other	(2,019)	2,963	(1,008)
Net cash (required for) provided by operating activities	(2,524)	3,429	50,078
Cash provided by (required for) investing activities:
Purchases of property and equipment	(5,107)	(7,536)	(7,479)
Proceeds from sales of assets	11,952	14,835	4,616
Distributions greater (less) than earnings of TNI and MNI	(657)	(576)	1,038
Other, net	1,791	(386)	(453)
Net cash provided by (required for) investing activities	7,979	6,337	(2,278)
Cash required for financing activities:
Principal payments on long-term borrowings	(6,813)	(20,062)	(55,674)
Sale (purchases) of common stock transactions	(279)	369	253
Net cash required for financing activities	(7,092)	(19,693)	(55,421)
Net decrease in cash and cash equivalents	(1,637)	(9,927)	(7,621)
Cash and cash equivalents:
Beginning of year	16,185	26,112	33,733
End of year	$ 14,548	$ 16,185	$ 26,112

Defined Benefit Pension Plans (Tables)

12 Months Ended

Sep. 24, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Cost (Benefit)

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	19	488	2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	—	(4,245)	—
Curtailment gain	—	(1,027)	—
Net periodic pension cost (benefit)	1,057	(17,722)	(5,000)

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:


(Thousands of Dollars)	2023	2022	2021

Service cost for benefits earned during the year	68	108	207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net actuarial gain	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	—	(23,830)
Net periodic postretirement benefit	(2,177)	(2,246)	(25,533)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	210,806	386,832
Service cost	19	488
Interest cost	10,368	7,999
Plan amendments	—	6,077
Actuarial (gain) loss	(9,876)	(86,387)
Benefits paid	(12,130)	(21,799)
Liability (gain)/loss due to curtailment	—	(1,027)
Settlements	—	(81,377)
Benefit obligation, end of year	199,187	210,806
Fair value of plan assets, beginning of year:	211,058	400,907
Actual return on plan assets	12,638	(84,636)
Benefits paid	(12,130)	(21,799)
Administrative expenses paid	(1,535)	(2,149)
Settlements	—	(81,377)
Employer contributions	—	112
Fair value of plan assets, end of year	210,031	211,058
Funded status	10,844	252

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2023	2022

Benefit obligation, beginning of year	12,287	18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	—	(12)
Benefit obligation, end of year	11,252	12,287
Fair value of plan assets, beginning of year	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets at measurement date	25,809	23,903
Funded status	14,557	11,616

Schedule of Amounts Recognized in Balance Sheet

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Net pension assets	10,844	252
Accumulated other comprehensive income (before income taxes)	16,653	5,005

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	19,043	17,327

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain (loss)	21,246	10,450
Unrecognized prior service cost	(4,593)	(5,445)
	16,653	5,005

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:


(Thousands of Dollars)	September 24 2023	September 25 2022

Unrecognized net actuarial gain	16,660	14,298
Unrecognized prior service benefit	2,383	3,029
	19,043	17,327

Defined Benefit Plan, Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.7	5.3
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021
Discount rate - service cost	5.8	5.4	3.0
Discount rate - interest cost	5.7	5.3	1.9
Expected long-term return on plan assets	5.0	5.0	5.9

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:


(Percent)	September 24 2023	September 25 2022

Discount rate	5.6	5.3
Expected long-term return on plan assets	5.0	5.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:


(Percent)	2023	2022	2021

Discount rate - service cost	5.9	5.5	2.5
Discount rate - interest cost	5.5	5.1	1.9
Expected long-term return on plan assets	5.0	5.0	4.0

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of our pension assets, is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022
Equity securities	25	25	41
Debt securities	65	62	43

Hedge fund investments	10	12	15
Cash and cash equivalents	1	1	1

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 24 2023	September 24 2023	September 25 2022

Equity securities	20	20	17
Debt securities	70	68	71
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of pension assets at September 25, 2022 was as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:


(Thousands of Dollars)	2023	2022	2021
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $240, $279, and $19,148, respectively	(560)	(14,485)	59,663
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $3,414, $6,389, and $819, respectively	10,750	(11,049)	2,574
Other comprehensive (loss) income recognized in operations, net of taxes	10,190	(25,534)	62,237

Schedule of Expected Benefit Payments

We anticipate future benefit payments to be paid from the pension trust as follows:


(Thousands of Dollars)

2024			16,262
2025			14,575
2026			14,816
2027			14,944
2028			15,021
2029-2033			74,092

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


(Thousands of Dollars)	Gross Payments	Less Medicare Part D Subsidy	Net Payments

2024	906	—	906
2025	906	—	906
2026	916	—	916
2027	933	—	933
2028	912	—	912
2029-2033	4,395	—	4,395

Defined Benefit Pension Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive income (before income taxes)	$ 16,653	$ 5,005
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension assets	$ 10,844	$ 252

Defined Benefit Pension Plans - Narrative (Details)		1 Months Ended	12 Months Ended
Defined Benefit Pension Plans - Narrative (Details)	Sep. 26, 2021 plan	Sep. 25, 2022 USD ($) plan	Sep. 24, 2023 USD ($) plan	Sep. 25, 2022 USD ($) plan	Sep. 26, 2021 plan	Nov. 30, 2023 USD ($) participant
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	7		1		7
Defined benefit plans, number of plans frozen \| plan	2			4
Defined benefit plan, number of frozen plans merged \| plan				6
Number of fully-funded defined benefit plans \| plan		1		1
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year			$ 800,000
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Voluntary lump sum payment of future pension benefits						$ 22,600,000
Number of participants who have elected voluntary settlement \| participant						522
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Defined Benefit Plan Disclosure [Line Items]
Decrease to accumulated other comprehensive income due to plan enhancements				$ 6,100,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Non-cash curtailment gain			0	1,027,000
Increase to net pension liability due to plan enhancements			0	6,077,000
Decrease in plan liabilities due to purchase of annuities		$ 85,600,000
Increase in defined benefit plan assets		81,400,000	$ 0	$ 81,377,000
Settlement income charge		4,200,000
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets			5.00%	5.00%	5.90%
Expected future employer contributions, next fiscal year			$ 0
Defined benefit plan accrued liability		252,000	10,844,000	$ 252,000
Pension Plan \| U.S. Small Cap Value Equity Common/Collective Fund
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income		2,200,000	2,300,000	2,200,000
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income		16,700,000	$ 11,700,000	16,700,000
Maximum percentage of equity investment redeemable			0.90
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Notice for redemption of equity investment			90 days
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Notice for redemption of equity investment			120 days
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds 2
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income		15,900,000	$ 12,700,000	15,900,000
Maximum percentage of equity investment redeemable			0.50
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan accrued liability		$ 1,000,000	$ 600,000	$ 1,000,000

Fair Value of Financial Instruments

12 Months Ended

Sep. 24, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value.

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments. Certain other investments totaling $3.9 million, including our 16.7% ownership of the non-voting common stock and 0.7% of the voting common stock of TCT, which represents 8.7% of total TCT stock, and a private equity investment, are carried at cost. Certain other investments totaling $1.7 million, which include securities held in trust under a deferred compensation arrangement, are carried at fair value with gains and losses reported in earnings. These represent Level 2 fair value measurements.

At September 24, 2023, we had no floating rate debt. Our fixed rate debt consists of $455.7 million principal amount of the Term Note. At September 24, 2023 the fair value is $392.2 million. This represents a Level 2 fair value measurement.

As discussed more fully in Notes 5 and 10, we recorded a liability for the Warrants issued in connection with the Warrant Agreement. The liability was initially measured at its fair value and we re-measure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $16.9 million. The fair value of the Warrants at September 24, 2023, September 25, 2022, and September 26, 2021 was zero, $0.1 million and $0.3 million, respectively. In other, net non-operating income (expense) in the Consolidated Statements of Income (loss) and Comprehensive Income (Loss), we recognized income of $0 in 2023, $0.1 million in 2022, and $0.3 million in 2021, for adjustments in the fair value of the Warrants. The Warrants expired in March 2022.

The following assumptions were used to estimate the fair value of the Warrants:


	2023	2022	2021

Volatility (Percent)	—	—	43
Risk-free interest rate (Percent)	—	—	0.05
Expected term (Years)	—	—	0.5
Estimated fair value (Dollars)	—	—	0.12

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Leases [Abstract]
2024	$ 12,179
2025	10,960
2026	9,369
2027	7,701
2028	6,324
Thereafter	10,609
Total lease payments	57,142
Less: interest	(12,806)
Present value of lease liabilities	$ 44,336

Allowance for Credit Losses (Tables)

12 Months Ended

Sep. 24, 2023

Allowance for Credit Loss [Abstract]

Schedule of Allowance for Credit Losses

Valuation and qualifying account information related to the allowance for credit losses related to continuing operations is as follows:


(Thousands of Dollars)	2023	2022	2021

Balance, beginning of year	5,237	6,574	13,431
Additions charged to expense	6,942	5,190	1,505
Deductions from reserves	(6,919)	(6,527)	(8,362)
Balance, end of year	5,260	5,237	6,574

Defined Benefit Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	$ 21,246	$ 10,450
Unrecognized prior service cost	(4,593)	(5,445)
Amounts recognized in accumulated other comprehensive income (loss)	$ 16,653	$ 5,005

Defined Benefit Pension Plans - Future Benefit Payments (Details) $ in Thousands	Sep. 24, 2023 USD ($)
Retirement Benefits [Abstract]
2024	$ 16,262
2025	14,575
2026	14,816
2027	14,944
2028	15,021
2029-2033	$ 74,092

Fair Value of Financial Instruments (Tables)

12 Months Ended

Sep. 24, 2023

Fair Value Disclosures [Abstract]

Fair Value of Warrants, Valuation Techniques

The following assumptions were used to estimate the fair value of the Warrants:


	2023	2022	2021

Volatility (Percent)	—	—	43
Risk-free interest rate (Percent)	—	—	0.05
Expected term (Years)	—	—	0.5
Estimated fair value (Dollars)	—	—	0.12

Commitments and Contingent Liabilities - Narrative (Details) $ in Millions	12 Months Ended
	Sep. 24, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Construction and equipment, purchase commitments	$ 3.7

Postretirement and Postemployment Benefits - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (before income tax benefit)	$ (16,653)	$ (5,005)
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	$ 19,043	$ 17,327

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Postretirement and Postemployment Benefits - Allocation of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan	Sep. 24, 2023	Sep. 25, 2022
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	20.00%
Actual Allocation, percentage	20.00%	17.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	70.00%
Actual Allocation, percentage	68.00%	71.00%
Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	10.00%
Actual Allocation, percentage	12.00%	12.00%
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	0.00%
Actual Allocation, percentage	0.00%	0.00%

Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			12 Months Ended
	Mar. 16, 2020	Mar. 31, 2014	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
Debt Instrument [Line Items]
Long-term debt	$ 431,500
Principal payments on long term borrowings			$ 6,813	$ 20,062	$ 55,674
Liquidity			14,500
Warrants Issued in Connection with Second Lien Term Loan
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		600
Warrants, when fully exercised, percentage of common stock outstanding		10.10%
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 41.90
Warrants and rights outstanding		$ 16,900
Credit Agreement \| Secured Term Loan \| BH Finance
Debt Instrument [Line Items]
Long-term debt			$ 455,700
Fixed interest rate			9.00%
Debt instrument, covenant, percent of net cash proceeds of property in excess of $500,000 in 90 days	100.00%
Debt instrument, covenant, net cash proceeds threshold for term loan prepayment	$ 500
Debt instrument, covenant, excess cash flow threshold for term loan prepayment	$ 20,000
Debt instrument, covenant, excess cash flow, period after quarter end (days)	50 days
Debt instrument, covenant, change of control, repayment percentage	105.00%
BHMG
Debt Instrument [Line Items]
Combined purchase price	$ 140,000

Stock Ownership Plans (Tables)

12 Months Ended

Sep. 24, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:


(Thousands of Shares)	2023	2022	2021

Outstanding, beginning of year	—	36	41
Exercised	—	(9)	(2)
Canceled	—	(27)	(3)
Outstanding, end of year	—	—	36
Exercisable, end of year	—	—	36

Weighted Average Prices of Stock Options

Weighted average prices of stock options are as follows:


(Dollars)	2023	2022	2021

Exercised	—	11.30	11.30
Cancelled	—	11.30	11.30
Outstanding, end of year	—	11.40	11.40

Summary of Restricted Common Stock

A summary of restricted Common Stock activity is as follows:


(Thousands of Shares)	2023	2022	2021

Outstanding, beginning of year	165	154	155
Granted	69	78	46
Vested	(62)	(66)	(45)
Forfeited	(10)	(1)	(2)
Outstanding, end of year	162	165	154

Weighted average grant date fair values of restricted Common Stock are as follows:


(Dollars)	2023	2022	2021

Outstanding, beginning of year	21.21	16.70	21.50
Granted	17.87	30.01	11.20
Vested	17.27	20.93	27.30
Forfeited	24.04	23.60	16.10
Outstanding, end of year	21.14	21.21	16.70

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Disaggregation of Revenue [Abstract]
Unearned revenue	$ 40,843	$ 49,929	$ 61,400
Revenue recognized included in contract liability	47,200	54,700	56,100
Accounts receivable, before allowance for credit loss	74,400	74,800	71,600
Accounts receivable, allowance for credit loss	$ 5,260	$ 5,237	$ 6,574	$ 13,431

Postretirement and Postemployment Benefits - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 24, 2023	Sep. 25, 2022	Sep. 26, 2021
NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		$ 2,782
Level 1 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Level 2 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Level 3 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	$ 25,809	23,903	$ 26,802
Other Postretirement Benefits Plan \| NAV \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	870	791
Other Postretirement Benefits Plan \| NAV \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	2,979
Other Postretirement Benefits Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	93	26
Other Postretirement Benefits Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	2,303	1,910
Other Postretirement Benefits Plan \| Level 1 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	535	456
Other Postretirement Benefits Plan \| Level 1 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	814	573
Other Postretirement Benefits Plan \| Level 1 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	17,615	17,248
Other Postretirement Benefits Plan \| Level 1 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0
Other Postretirement Benefits Plan \| Level 2 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	600	480
Other Postretirement Benefits Plan \| Level 2 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0
Other Postretirement Benefits Plan \| Level 3 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	$ 0
Other Postretirement Benefits Plan \| Level 3 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	$ 0